THE LEND LEASE GROUP

Fact Sheets Darling Park Complex Stages 1 and 2 • Joint venture between Darling Park Trust (50%), Lend Lease (30%), Nomura (12.5%) and Toyo Real Estate (7.5%). As at 27 March 2000 GPT, AMP Office Trust and AMP Statutory Fund No.2 (AMPSF) have made joint, conditional proposals to acquire 80% of the Darling Park Complex, with Nomura and Toyo holding the residual 20%. If proposals are implemented, GPT and the collective AMP Funds will each acquire 40% interest. Completion expected end June 2000, subject to approvals by GPT, AMP Office Trust and DPT unitholders. On satisfactory completion, Lend Lease will receive A$125.8 million in cash from AMPSF and a total of 51.8 million New GPT Units in three tranches – on completion, in January 2001 and January 2002. Lend Lease remains joint owners with Nomura and Toyo of the site for the third tower, but have no plans at this point for its development. Stages 1 and 2 have been independently valued at A$877 million. Stage 1 comprises the IBM Tower which was completed in August 1993. The IBM Tower is 27 storeys, totals more than 52,000 sqm and has a working population of 3,500 tenants. Stage 2 comprises Tower 2, Cockle Bay Wharf and the Crescent Garden. Tower 2 is currently 90% leased and occupied by: - Nestlé (5 floors) - PricewaterhouseCoopers (17 floors) - Regus (2 floors) Option floors on levels 3, 16 and 22 remain to be leased. Cockle Bay Wharf is Sydney’s first purpose-built cultural precinct covering an area of 8,000 sqm. It features a diverse collection of dining opportunities ranging from takeaway food eateries, cafes, function centre, night club and fine dining restaurants. Some of the major tenants at Cockle Bay Wharf include: - The Roof Terrace: Ampersand, Coast and Chinta Ria - The Balcony: Blackbird, Dockside - Promenade Level: Nick’s, MCA Store, Taira, Pontoon, Baia San Marco, Hipper Music - The Terrace: Nick's 103, Bayside Grill, Asiatic, Health Tree, Tandoori Connection and CMC - Three-level nightclub: Home (on the southern end of the complex) Cockle Bay Wharf continues to trade above expectations. • • • • • • • • • m~ÖÉ=N Fact Sheets Aurora Place • The A$680 million Aurora Place project is a landmark mixed use development situated in the core of Sydney's Central Business District on the site of the former State Office Block. Aurora Place is being developed by Lend Lease and East Asia Property Group, and the design is the work of world-renowned architect Renzo Piano. The Mirvac Group has a 25% interest in the residential component. Bovis Lend Lease are responsible for the project management of the design and construction. The project comprises a 41 level office tower, 18 level residential building and 2 supporting retail facilities. The 4,262 m site is bounded by Phillip Street, Bent Street and Macquarie Street. ABN Amro is a major tenancy for 13 floors announced in June 1999. Minter Ellison Lawyers is another tenant for 10 floors. Rents achieved have set new rental benchmarks. Multiple offers have been received for the remainder of space. Commercial Tower 2 The office tower at Aurora Place has a net lettable area of 49,500 m and has already attracted several pre-eminent companies as tenants. The office tower not only boasts a prime location, landmark design and quality, it also rates as one of Sydney's most efficient and effective office towers. (office levels = Levels 4 to 41 - 38 floors in total) Committed 26 floors (70% leased up) Under Option/Neg/Available 12 floors 38 floors Completion: October 2000 Macquarie Apartments (Residential) The residential building at Aurora Place is known as Macquarie Apartments and comprises 62 luxury residences, all of which enjoy unobstructed views across the Royal Botanic Gardens to Sydney Harbour and the Opera House. Address: 155 Macquarie Street Sydney. Prices Range: From A$0.85m to A$7.5m (apartments have averaged A$2.1million) All 62 apartments sold out – total sales A$133 million Practical Completion: Early May 2000 • • • • m~ÖÉ=O Fact Sheets Fox Studios Australia • • • 50-50 joint venture between Fox Filmed Entertainment and Lend Lease Corporation 24.3 hectare site at Moore Park, Sydney Includes one of the world’s most sophisticated film studios. Productions include: - Babe: Pig in the City (feature, Universal Pictures) - The Matrix (feature, Warner Bros) - Mission Impossible II ( feature, Paramount Pictures) th - Moulin Rouge (feature, 20 Century Fox) - Farscape (television, Henson Television) Gala opening of Bent Street and Fox Studios Backlot on 7 November 1999 (open to the public from 8 November) • Precincts: • • Bent Street entertainment, retail and dining precinct (a free-access entertainment, dining and retail area incorporating cinemas, markets, live broadcast and live events) Fox Studios Backlot: behind-the-scenes journey into the world of film making. Includes such attractions as “Titanic” (special effects take an audience of film ‘extras’ through a lurching, heart-stopping recreation of the filming of the last moments of the ill-fated liner) and “Lights! Camera! Chaos!” (an all singing, all dancing live spectacular conceived and directed by Barrie Kosky) Professional Studio (including 6 production stages and associated support facilities for film and television) The Creative Campus (commercial tenants associated with the film and television industry) • • m~ÖÉ=P Fact Sheets Newington / Olympic Village • Newington is located 15km from Sydney’s CBD and is a development by Mirvac Lend Lease Village Consortium (MLLVC) consisting of three residential precincts, a neighbourhood retail centre and a business park on 90 hectares, which are adjacent to 440 hectares of the Millennium Parklands. Staged development that will continue until around 2006, with a mix of houses, town houses and apartments. When complete, around 2,100 dwellings (1,100 x 3 and 4 bedroom houses and 1,000 x 2 and 3 bed units) will house approx. 5,000 people During the Sydney 2000 Olympic Games and Paralypmic Games, a mix of permanent and modular homes will be used to accommodate 15,300 athletes and officials during the Olympics and up to 7,500 athletes and officials for the Paralympics Shopping Centre Precinct now under construction. Woolworths major tenant plus 12 speciality stores (the shopping centre is currently on the market and has had good interest). Newington Business Park to be developed in stages, with the first 2 stages completed (30%). Childcare and Community Centre is currently under construction. Primary school under construction - will be completed prior to Games for initial use by SOCOG as a Polyclinic. Will be retro fitted after the Games for initial intake of students in the 2002 school year. Development is guided by strong commitment to Ecologically Sustainable Development (ESD) principles. Key environmental initiatives: 1. At the time of the Olympic Games, Newington will be the world’s largest solar powered suburb comprising electrical production solar cells (photovoltaic) and gas boosted solar hot water. 2. All houses designed to be energy efficient and satisfy, on average, 4 star energy efficiency rating. 3. 90% recycling of waste material 4. Dual water supply 5. 40% reduction of PVC 6. All materials undergo a life cycle assessment process • • Total project value A$1 billion – pre Olympic expenditure A$550m Homebush Bay Ferry Terminal, three bus companies and Olympic Park Railway Station now servicing Newington residents. • • • • • • • Sales: • The A$100m mark in sales was passed inside the first year of marketing. Sales progressing well: - Olympic Village Precinct: 239 sold out of 868 dwellings built - Total development: 500 sold out of 1,110 dwellings built, to a value of approximately A$170 million. Price Range: Apartments (2 & 3 bedroom) ranging from A$265,000 - A$560,000 Houses (3 or 4 bedroom) ranging from A$370,000 - A$600,000 • m~ÖÉ=Q Fact Sheets Jacksons Landing • • • • • • • • Joint Venture between Lend Lease Development (50%), GIC (Singapore 25%) and Kerry Properties (Hong Kong 25%) Development Size: 11.7 hectares Total Open Space: 5.2 hectares (3.6 public; 1.6 private) Harbour Frontage: 600 metres Staged development Total expected dwellings: 1,400 - 1,500 Expected Population: 3,000 Types of Dwellings: Luxury waterfront apartments Mid rise apartments High rise towers Terrace housing Heritage loft apartments Commercial office buildings (finalising negotiations for first building and in concept development for second commercial building) • Neighbourhood facilities: Community centre and swimming pool, Tennis courts, Community concierge, Marina (subject to approval), Parks, Foreshore promenade Private Facilities: (vary by building) Retail facilities: Price Range: Pool, gym, spa, sauna Cafes, restaurants Waterfront Apartments Parkside Apartments 2 bed Terraces 3 bed 4 bed 2 bed $750,000 - $900,000 $450,000 - $700,000 $705,000 - $780,000 $830,000 - $945,000 • • • • Completion Dates on First Stages: Waterfront Apartments April 2000 Parkside Apartments June 2001 Terraces May 2000 Currently approximately 250 dwellings have been sold from approximately 400 released for a total value of A$180 million. • m~ÖÉ=R Fact Sheets North Lakes • • • • • Joint venture between Lend Lease Development Pty Limited and Lensworth Group Limited. New A$2.2 billion town for 25,000 people at North Lakes near Brisbane. Created on a 1,000-hectare site adjacent to the Bruce Highway at Pine Rivers. Around 8,500 new homes, a major town centre, a business park, and supporting community services are proposed to be built over a 15-to-20 year period. Stage One works are now complete with sales commencing November 1999. Stage One consists of approximately 200 lots, a 5 hectare lake, surrounding lake parklands, sales and information centre, project office and lakeside café. There is also a builders’ display village which will open at Easter. Currently approximately 180 sales have made for a total value of A$11 million. Will be at the forefront of Australian urban community industry as a new model for urban development. • • St Marys (Comland) Site • • • • • • • • Joint venture between Lend Lease Development and Comland Limited. A Draft REP has been developed for the St Marys site as a result of detailed assessments over almost a decade. Rezoning is progressing well with the State Government. Site at a Glance – as per draft REP St Marys is a 1,535 hectare “infill” site. Will include a 670 hectare regional park / open space occupying about 45% of the entire site (an area approximately four times the size of Centennial Park in Sydney). Possible links to green corridors to create a 2,000 hectare park system (from St Marys to St Clair). New transport initiatives to be developed to benefit the region. Potential to create up to 9,000 jobs including 5,000 within the site (estimate over 1,300 construction jobs alone would be created during the time it would take to develop the site). Estimate development of the site over a 15 year period. About 100 hectares of business zones to be integrated into the site. During construction, emphasis to be placed on creating skills and apprenticeship training for local youth. Timely provision of community services to meet local demand. The site’s significant natural and cultural values to be preserved. • • • • • m~ÖÉ=S Fact Sheets Twin Waters • • • • • • • • Land acquired by Lend Lease Development in July 1996 Staged development over approximately 7 years First stage commenced 19 September 1997 Total development value expected to be some A$200 million Total site area of approx. 157 hectares - developed into approx 1,000 allotments and a tidally restricted 30 hectare recreational lake Will accommodate some 4,000 people Current sales of 375 dwellings, to a value of A$41.6 million Has won numerous awards including: - Urban Institute of Australia (Qld) Best Waterside Development 1998 & 1999 - National UDIA Award for Excellence in Environmental Design 1999 - UDIA (Qld) Premier Award for Excellence 1999 (best residential development in Queensland) Special Features • • • • • • 30 hectare recreational lake close proximity to the Maroochy River and patrolled surf beaches close proximity to golf course which is one of the top 6 in Australia 6.5km of hike and bike trails short drive from Maroochydore CBD and Sunshine Plaza takes full advantage of the site's natural features through the sensitive treatment of the environment; retention of significant trees and vegetation, high quality landscaping of entranceways, parkland and recreational areas offers choice in land and housing quality building covenant providing residents with investment and lifestyle protection plans to include provision of non-residential facilities • • • • • • • • • Staged development constructed to date (approx. 450 homesites) The Landings Blue Water Court The Links (Golf Course Precinct) The Shores The Cove Karinya Island m~ÖÉ=T