Westpac mooted as Barangaroo anchor tenant

Westpac is tipped to relocate its back-office operations to Lend Lease’s new Barangaroo development on the Sydney shore.

The decision to relocate was taken at a board meeting last month, according a report in the Australian Financial Review, which quotes “senior sources”.

Lend Lease declined to comment on the speculation while Westpac told AFR it had yet to make a decision.

Over the past few years Australia’s four biggest banks have collectively invested about $2 billion dollars in new office developments in Melbourne and Sydney, with NAB’s new futuristic building next to Etihad Stadium at Docklands currently taking shape.

A spokesperson for Westpac says it is currently reviewing its property requirements in the Sydney CBD.

“At this stage no commitment has been made and we are considering our options,” the spokesperson added.

KPMG has also been linked to the project, which is expected to include two towers known as C4 and C5.

According to the April Barangaroo update, construction of the retention wall at Barangaroo South while piling underway is for the foundations of the first commercial building and shared basement.