News: Leighton inks high rise deal

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Leighton Holdings Limited (ASX:LEI) has inked a deal for a $400 million North Sydney high rise development, with plans to consolidate its offices within the tower.

 

Leighton says it’s agreed terms with vendor Winten Property Group for the building, which will have 40,000 square metres of commercial space across 30 levels.

 

Leighton will take a head lease over 76 per cent of the office space and the remainder will be available to other corporates.

 

Chief executive officer Hamish Tyrwhitt says Leighton Group companies currently occupy 11 office buildings in Sydney, with the new building allowing the company to consolidate its corporate and operational office spaces.

 

The tower is North Sydney’s first new commercial building to be built in six years.

 

Leighton generated a net profit of $360.2 million in the first half of fiscal 2013.