Mitsubishi Estate joins Lendlease’s high-rise housing project in Sydney
SYDNEY, NNA - Japan’s Mitsubishi Estate Co. has acquired a 25 percent share in a 72-story residential tower project in Barangaroo, Sydney, being constructed by Australian real estate developer Lendlease Corp. as the Japanese developer seeks to capture growth in overseas markets.
The project, called One Sydney Harbour Residences One, is part of Lendlease’s One Sydney Harbour development where three towers, designed by Pritzker Prize-winner architect Renzo Piano, will be constructed.
This is the third project in which Mitsubishi Estate, which operates in 10 countries and regions in the Asia-Pacific region, has worked with Lendlease in Australia.
“We have built a trusted partnership with Lendlease through long-term collaboration,” a spokeswoman for Mitsubishi Estate told NNA. “This time, we are involved in the project at the management level. If another opportunity arises, we would like to do more work with Lendlease.”
The One Sydney Harbour Residences One project, which will have 317 apartment rooms as well as retail and public facilities, is expected to be completed in early 2024. Total sales from the project are expected to be about 150 billion yen ($1.4 billion).
In the past, Mitsubishi Estate and Lendlease collaborated on a residential tower project in Melbourne, Melbourne Quarter East Tower, and an office building project, 180 George St.
The spokeswoman said construction of One Sydney Harbour Residences One started in June with appropriate measures to protect against COVID-19 being taken at the construction site.