Lend Lease has revealed that it has secured an AU$355m (£229m, EUR267m, US$368m) contract for a major redevelopment of Adelaide Oval multi-sport venue in Australia.

The group has been selected by the Adelaide Oval Stadium Management Authority and the Department of Transport, Energy and Infrastructure, with work due to commence in 2012.

Baulderstone, part of Lend Lease's Australian infrastructure division, will design and build the new 50,000-seat stadium, which will transform the cricket and Australian Rules venue.

Funding is being provided by the South Australian Government, with practical completion of the scheme to be reached in 2014 ahead of the Australian Rules Football season.

Lend Lease group chief executive officer and managing director Steve McCann said: "Our capabilities are well matched to this significant state project."

South Australia premier Jay Weatherill added: "This will bring tens of thousands of people to the centre of the city on a regular basis, which allows us to imagine a very different sort of future for that part of the city."

Earlier this year, it was announced that Mott MacDonald had been appointed to the scheme, with the company's involvement including concept design and project management.

The plans comprise three stands designed as individual pavilions; an international-standard indoor cricket school; hospitality suites; and bars and food courts, plus barbeque terraces.

Details: www.adelaideovalredevelopment.com.au