Lendlease secures land for $2.5b luxury residential development
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The news: Real estate business Lendlease has secured a site on Liverpool Street, Sydney for the development of a $2.5 billion luxury residential joint venture project, with up to 50% of the project expected to be sold down over the next few weeks.
The numbers: The project, comprising 300 apartments for sale and 2,000 square metres of retail space, will overlook Hyde Park and have views of Sydney Harbour. Construction is targeted to commence in financial year 2027 before completion in calendar year in 2030.
The gross end value of the project is expected to be $2.5 billion.
Lendlease also flagged that its flagship residential apartment development One Circular Quay has been more than 80% sold by value with sales exceeding $2 billion. Completion, and Lendlease’s share of profits, are expected in FY27.
What they said: “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,” Lendlease Group chief executive Tony Lombardo said.
Lombardo also said the progress continues on “simplifying the Group” and its focus remains on Australian and international growth opportunities “as evidenced by $3 billion of Australian Development re-stocking and $1.5 billion of new investment mandates in the past year”.
The source: ASX
