LENDLEASE & MITSUBISHI ESTATE TO DEVELOP $800M PROJECT AT CIRCULAR QUAY
Lendlease and Mitsubishi Estate Asia have formed a joint venture to acquire the One Circular Quay development in Sydney for c.$800 million in up front and deferred consideration.
An additional $50 million payment will be subject to certain project outcomes.
To be developed by Lendlease and Mitsubishi Estate, and constructed by Lendlease, the proposed towers at One Circular Quay will have an estimated end value of $3 billion.
The development is expected to comprise:
A 59-level luxury residential tower
A second tower will be developed as a 220-room luxury Waldorf Astoria hotel
Uninterrupted views of the Sydney Harbour Bridge and Sydney Opera House
Located at the former site of the landmark Gold Fields House, One Circular Quay will become some of the world’s most spectacular residential and hotel buildings.
Completion is expected by FY27.