Sydney’s skyline is set for a new addition in the form of a high-end residential tower with views across Hyde Park and Sydney Harbour, property giant Lendlease says after acquiring the Liverpool Street site.
Key Takeaways
- Lendlease is doubling down on it’s big bet on Sydney’s appetite for ultra-luxury apartments, with a $2.5 billion project overlooking Hyde Park, it confirmed in an announcement to the ASX Wednesday.
- The company says the tower, located at 175 Liverpool Street, will bring around 300 high-end residences to market, alongside retail at the base.
- CEO Tony Lombardo says strong sales at One Sydney Harbour and One Circular Quay prove the city’s top end still has room to run, with buyers willing to pay record sums for the right view and postcode.
- Lendlease said it plans to offload up to 50% of the project to joint venture partners before construction begins.
- Construction is expected to start in 2027 and wrap by 2030, pending planning approvals.
Key Background
The Australian real estate giant has spent the past year narrowing its focus, pulling out of construction work in the U.S., UK and Asia to concentrate on its Australian business.
“The acquisition of the 175 Liverpool St site provides a further opportunity to build on our market-leading credentials in the luxury residential space as we continue to re-stock our Australian development pipeline beyond FY27,” Lombardo said.
Crucial Quote
“The successful completion of One Sydney Harbour, which set a new sales record for a penthouse, and sales achieved to date at One Circular Quay, on track for completion in FY27, reflect the strong demand for high end luxury offerings in Sydney that complement Lendlease’s core capability of delivering urban renewal through the creation of mixed-use precincts,” said CEO Tony Lombardo.
Big Number
$2.5 billion: The estimated value of Lendlease’s proposed development.
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