Lendlease has secured $3 billion in new construction contracts, demonstrating a renewed momentum in its business operations. This development comes as the company actively pursues significant growth opportunities, with plans to bid on a total of $25 billion in projects. According to Chief Executive Officer Mr. Lombardo, Lendlease aims to secure $10 billion of these projects in the financial year 2025/26.
Among the key opportunities Lendlease is exploring is the RNA Showgrounds, which has been designated as the preferred site for the Olympic athlete’s village in Brisbane. Additionally, the company is working on a harbourside residential land development in the Sydney suburb of Rozelle. These projects reflect Lendlease’s strategic focus on leveraging its expertise in large-scale developments.
In terms of ongoing projects, Lendlease is nearing completion of the Victoria Cross commercial office tower located in North Sydney. This tower is uniquely positioned atop a metro station that opened in 2024. The company also anticipates finishing its One Circular Quay residential skyscraper in Sydney by 2026/27, alongside its waterfront development at Victoria Harbour in Melbourne.
Investors have been closely monitoring Lendlease’s performance as the company seeks to recover from a decade marked by underperformance. Recently, Lendlease reported a return to profitability, posting a $225 million gain for the financial year 2024/25, a significant turnaround from a $1.5 billion loss the previous year. This recovery was facilitated by a strategic overhaul that included shedding thousands of roles and scaling back its international ambitions.
Chairman John Gillam emphasized the company’s renewed focus on capital recycling to enhance its balance sheet. “Our business is clearly simplified and that has sharpened our attention to our core markets where we see the greatest potential for growth and long-term value creation,” Gillam stated during a recent shareholders’ meeting. Notably, all resolutions presented at the meeting received overwhelming support, with approval ratings ranging from 97 percent to 99 percent.
Despite this positive news, Lendlease’s shares experienced a slight decline, dropping 0.2 percent to $5.41 amidst a broader market downturn. As the company continues to navigate its transformation, the focus remains on strengthening its position in core markets and capitalizing on emerging opportunities in the construction sector.
