Infrastructure and construction group Lend Lease’s subsidiary Baulderstone has won the contract to manage the early works component of the North West Rail Link. The contract is estimated to be worth $70 million.
The long-anticipated project is scheduled to deliver a new 36 kilometre long rapid transit rail link between Chatswood on Sydney’s north shore and the growing Hill’s district in the North West of Sydney.
Under the contract, Baulderstone will work on the relocation of services and utilities; site readiness and demolition works; and the provision of HV electrical supply for the main works.
In a statement today Baulderstone’s NSW general manager, Frank Lorenzetto, said completion of early works is due in mid-2014.
The win comes a day before Lend Lease reports its 2012 full year profit, which will be a welcome distraction from the recent asbestos concerns at its $6 billion Barangaroo South project.
Last week Lend Lease revealed that small pieces of fibro cement material containing bonded asbestos have been found at Port Kembla.
Andrew Wilson, the managing director of Barangaroo South said the group had correctly followed all agreed procedures to spot and remove fibro from the Barangaroo South excavated material, including the additional testing and air monitoring measures.
“There has been no air borne asbestos identified,” Mr Wilson said.
In the results tomorrow, analyts at JP Morgan are forecasting Lend Lease to report a net profit after tax of $487 million, up 27 per cent on the $383.6 million in the previous corresponding period.
“Lend Lease continues to offers good risk adjusted value and leverage into a robust medium term earnings outlook with a number of near term positive catalysts, such as the Valemus business and the mixed use development pipeline),” the brokers say.
The chief executive of Lend Lease, Steve McCann has consistently said that the group will focus on expanding its global infrastructure and development business in the future. That will see it in partnerships with public and private groups.
The results will also include an update on the future of the athlete’s village that was the focus of the recent London 2012 Olympic Games, which will be converted into one of the largest mixed use residential and retail areas in Britain.
This story Administrator ready to work first appeared on Nanjing Night Net.