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Lend Lease’s $1 Billion Waterbank Project: What Was Planned and What Happened

Waterbank’s $1 billion headline was a 2011 investment forecast, not a completed project. The proposed East Perth precinct later gave way to temporary public-space plans after geotechnical constraints were identified.
From TheFinanceBase Team3 min to read
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Lend Lease was selected as preferred proponent for Perth’s Waterbank riverfront precinct in 2011, when the Western Australian Government forecast more than A$1 billion in private investment over the following decade. That figure was a projection, not a confirmed spend. The proposed development did not proceed as originally described: in May 2024, the state said geotechnical constraints made the reclaimed site unsuitable for development and announced plans for temporary public space while longer-term uses remained under consideration.

What was the Waterbank project?

Waterbank is a riverfront site in East Perth, Western Australia. The 2011 announcement described a proposed mixed-use precinct with a hotel, shopping quarter, homes and offices. The Government of Western Australia said it had selected Lend Lease as preferred proponent after a 15-month evaluation. The announcement forecast more than A$1 billion in private-sector investment over ten years; it did not report an investment already made or guarantee that amount would be spent. Government of Western Australia, 14 November 2011.

The site was called four hectares in the 2011 state announcement and six hectares in Lendlease’s 2015 release and the state’s 2024 update. Those sources do not explain the difference, so the figures should be read as descriptions attached to their respective dates, not as a reconciled measurement.

How the plans changed

Date and source What was proposed or announced What the claim establishes
14 November 2011, Western Australian Government Hotel, shopping quarter, residential and office accommodation; more than A$1 billion forecast in private investment over ten years. Preferred-proponent selection and a forecast, not completed construction or verified investment. State announcement.
5 February 2013, Western Australian Government Plans for 600 apartments, office and retail space for more than 1,500 workers, short-stay accommodation, promenades, wetland and water-play areas, and a river pier. A milestone agreement and planned scope. The release expected the first building and most public-domain works by late 2017; that dated target is not proof they were completed. State announcement.
15 September 2015, Lendlease First development applications, including a proposed 32-storey tower with 269 apartments, ground-floor restaurants and shops, and a sales and information centre. An application and proposed design, not delivered apartments. Lendlease said the first building would target a 5 Star Green Star rating; this was a target, not an achieved certification. Lendlease announcement.
11 October 2018, Lendlease Applications for The Campus at Waterbank: a five-level building with 10,570 square metres of net lettable area, or a six-level alternative with 13,600 square metres. Alternative proposals, not evidence of completed office space. Lendlease stated a minimum 5 Star Green Star Design and As-Built target and a then-targeted 2021 completion date. Lendlease announcement.
13 May 2024, Western Australian Government Temporary landscaped public space and multi-purpose recreational fields on the six-hectare reclaimed-land site; a A$3.1 million road project funded by Lendlease to reconnect Trinity College with Hay Street and enable public access. A changed plan responding to geotechnical constraints. The state said longer-term land-use options were still under consideration. State announcement.

What happened to the development?

The large mixed-use precinct described in the earlier plans did not proceed as originally presented. In its 13 May 2024 update, the Western Australian Government said geotechnical issues constrained the reclaimed-land site and that it was not suitable for development. The state announced a shift to temporary landscaped public space and recreation fields, alongside the A$3.1 million road project funded by Lendlease. It said longer-term options for the land were still being considered. The announcement does not establish the site’s final permanent use.

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For readers assessing what the original investment headline means, the distinction is important: the 2011 figure was a government forecast tied to a preferred-proponent announcement. Later apartment and office numbers described plans, applications or targets. The cited announcements do not establish that Waterbank delivered the proposed housing, commercial floor space, total investment or environmental outcomes.

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