Lendlease eyes picking up Barangaroo pace in bid to ride luxury wave

Global property developer and manager Lendlease is looking to bring forward the development of the next residential tower at Barangaroo in Sydney, to take advantage of the high demand for luxury apartments.

Speaking at the group’s annual general meeting on Wednesday in Sydney, Lendlease chief executive Steve McCann said given the strength of the pre-sales at the first tower of the One Sydney Harbour complex, there is a case to start construction on the next one earlier than planned.

At the meeting, which was more subdued than expected, shareholders did show some bite, with 38.1 per cent voting against an allocation of performance rights to Mr McCann in what was a non-binding resolution.

Lendlease chief executive Steve McCann says demand for luxury apartments is risingCredit:James Brickwood

Non-executive director David Craig, a former finance director at Commonwealth Bank of Australia, was re-elected but felt the wrath of the proxy house ISS which led the charge in the 23.54 per cent vote against the resolution.


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