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Creation Date: Mon, 05 Sep 2011 GMT

Lend Lease to seek compensation for Barangaroo development

A planned hotel development as part of the Barangaroo project may be a possible cause of friction between development lead Lend Lease and the NSW State Government, with the development giant looking to push for compensation.

In a recent Sydney Morning Herald report, the chief executive and managing director of Lend Lease, Steve McCann, said the company would be ”considering our commercial position” in all discussions on relocating the hotel, despite remarks by the Premier, Barry O’Farrell, that he hoped the company would agree to the move without ”additional costs”.

Mr O’Farrell made his remarks when releasing a review of the planning of the Barangaroo project that recommended a series of changes, including reviewing the agreement for Lend Lease to build an 85-metre pier with a hotel on it.

The Barangaroo project will be a topic of discussion at an event coming up in October and Mark Menhinnitt, CEO – Australia of Lend Lease will be a keynote speaker.

Source: www.blogs.terrapinn.com/power