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  • Barangaroo South tower hits the top as it gets ready for Westpac

    2018 - 07.03

    The first stage of the $6 billion Barangaroo South development has reached a milestone that which will make the chief executive of Westpac, Brian Hartzer, smile, as his new office is getting ready for occupation.
    Nanjing Night Net

    Mimicking the ancient Scandinavian tree ritual, developer Lend Lease “topped” out Tower 2 at International Towers Sydney (ITS), Barangaroo South, with a tall pine tree.

    Sitting in level 42, it marks the highest point of construction for the tower, which will be a new home for Westpac and law firm Gilbert & Tobin.

    Westpac will retain staff at its current headquarters over the road at 275 Kent Street, for the time being.

    Tower 2 is the first of the three commercial towers to be near completion, with PwC, HSBC, KPMG and Marsh, among others, all leasing space across towers 1 and 3. The remainder of the 7.6-hectare site will be a combination of low-rise residential apartments, restaurants, bars and cafes and the headland park and cultural centre at the northern tip of the foreshore.

    Architect Renzo Piano has been chosen to design the residential towers at Barangaroo South, One Sydney Harbour, while Lord Richard Rogers and Ivan Harbour designed the commercial component.

    James Packer’s Crown Group is developing a “six-star” resort on the waterfront, which will be a hotel and casino for high rollers.

    NSW Premier and former Barangaroo development minister Mike Baird attended the ceremony, saying the project will become a significant “financial hub” in Asia.

    Lend Lease chief executive Steve McCann said when completed the area will have 28,000 people working and visiting the site. It will be one of the biggest developments in Sydney and will connect to the new Darling Harbour Live to the south and eventually around to Circular Quay when its redevelopment is completed.

    “Barangaroo South forms part of the multibillion-dollar transformation currently under way across our city and is testament to our vision to create the best places,” Mr McCann said at the ceremony.

    It is expected Lend Lease will look to sell down its interest in the Barangaroo South, as it does with all its large projects.

    This was prompted by a proposal to allocate $400.5 million to its subsidiary, Lend Lease Trust, in a new capitalisation plan that was approved at last year’s annual general meeting.

    Westpac chief operating officer John Arthur, who has worked on the project with the former head of Westpac, Gail Kelly, said at the topping out ceremony: “Bringing our teams together from across disparate Sydney sites to the landmark Barangaroo development will enable our employees to benefit from an attractive, highly efficient and collaborative working environment.”

    This story Administrator ready to work first appeared on Nanjing Night Net.

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