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Property developer Lend Lease Group (ASX:LLC) has been appointed the preferred tenderer for the design and construction of the $3 billion NorthConnex Motorway in Sydney.
Toll road operator Transurban Group (ASX:TCL) and its partners in the Westlink M7 are undertaking the project which has a construction budget of $2.65 billion.
Lend Lease will work with a French construction entity, named Bouygues Construction, to deliver the project.
However, Lend Lease has advised the award of the design and construct contract to the JV is subject to planning approval being obtained and finalisation of contract terms.
Pending New South Wales government approvals the financial close is expected late 2014 and work is expected to start in 2015.
Lend Lease Group’s net profit fell 16 per cent to $252 million in the first half of the 2014 financial year.
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