Mitsubishi Estate joins Lendlease to Develop at One Sydney Harbour

Lendlease today announced the establishment of a joint venture with Mitsubishi Estate to deliver Residences Two, the second residential tower at One Sydney Harbour, Barangaroo.

Under the terms of the joint venture, Mitsubishi Estate will acquire a 25 per cent interest in the tower. Establishment of the “Residences Two” joint venture further strengthens Lendlease’s relationship with Mitsubishi Estate, which holds a 25 per cent interest in Residences One at One Sydney Harbour and a 30 per cent interest in Sydney Place.

Rising 235m above Sydney Harbour, Residences Two, which has an estimated value of approximately $1.7 billion, will comprise 322 apartments across 68 levels. An off market sales campaign to select customers, followed by the recent public sales launch, has lifted pre sales on the project to 59 per cent. Construction of Residences Two has commenced and is expected to be completed by mid to late 2024.

One Sydney Harbour, comprising three residential towers, is the final piece in Lendlease’s award-winning, mixed use, carbon neutral precinct, Barangaroo South.

Kylie Rampa, CEO Property Australia, Lendlease said “Our new joint venture with Mitsubishi Estate further cements Lendlease’s longstanding relationship with one of Japan’s largest property companies. It also highlights how our integrated business model and world class placemaking capability provide our investment partners access to quality investments.”

“On the back of unprecedented demand from local buyers, One Sydney Harbour continues to set new standards in luxury apartment living. Combined with world leading sustainability credentials, Barangaroo is one of Australia’s most desirable places to live.”

Head of Australia, Mitsubishi Estate Asia, Yuzo Nishiyama said “We’re very pleased to be able to extend our relationship with Lendlease and look forward to working together to deliver this landmark project.”