Once in a Bluewater as Lend Lease secures 50% profit boost

Global property group Lend Lease has delivered a 50% rise in annual profit after tax to $822 million in large part due to its sale of the UK Bluewater Shopping Centre.

The Bluewater sale contributed about $485 million to profits.

However its profit after tax fall to $446 million, down 12% on the prior year with its Australian construction business profits down along with profits from its Asian division.

Chief executive officer Steve McCann said its net profit after tax was set for between $604 million to $622 million for FY15.

Its development business saw improved residential activity with residential land lot and built-form settlements up 32%. 

It achieved 100% pre sales for its first Barangaroo residential apartment blocks, Anadara and Alexander.

Its group chief financial officer, Tony Lombardo said over the past year Lend Lease had invested significant capital into its development pipeline, with 3,000 apartments now under construction across Australia and the UK.

"The apartments will progressively complete in fiscal years 2015, 2016 and 2017, and are a material contributor to our circa $2.5 billion of pre sold revenue," he said.

The construction business results for the year of $104.3 million were lower than the prior year in part due to the impact from the fire at Barangaroo South in March this year which cost $6.2 million (post-tax). 

Photo courtesy of Wikimedia Commons.