1、Leighton Holdings LimitedConcise Annual Report 2006KENS Project,New South WalesHow the KENS Project became Westpacs new headquartersLeighton Properties KENS project,now known as“Westpac Place”,is a landmark commercial development in Sydney.After 6 years of development and construction the project ha
2、s recently achieved completion.Leighton Properties recognised the sites unique potential in the 1990s but was outbid in 1997 when the land was sold for a residential development.In 2000,an option over the site was secured from Multistar,the previous purchaser.Leighton Properties then successfully ne
3、gotiated with relevant authorities to develop two connected commercial office towers,basement car parking,retail precinct,food court and a generous urban park.In March 2003,Westpac committed to pre-lease the entire 74,000m2 of office space,the largest pre-lease deal ever seen in Sydney.At the same t
4、ime,Westpac Office Trust agreed to buy the completed development for$628 million.Leighton Contractors commenced construction shortly after and achieved practical completion in June 2006,including a fully integrated fitout for Westpac.Since then,some 5,000 Westpac employees have been progressively re
5、locating into their new home.Leighton Properties will hand over the completed project to the new owner,Westpac Office Trust,in November 2006.The KENS project is a testament to the foresight and determination of Leighton Properties.They have created an iconic addition to the Sydney skyline,which is a
6、cting as a catalyst to reinvigorate the western precinct of Sydneys CBD.KENS Project as viewed from the western edge of the Sydney CBD01 02The Leighton Group has reported a year of recordperformance.We continue to build on our diversity,expanding into new geographic markets and making acquisitions t