Lendlease has established 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.
Mitsubishi Estate also 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. 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.
“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,” said Kylie Rampa, CEO Property Australia, Lendlease.
“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,” she added.
Yuzo Nishiyama, Head of Australia, Mitsubishi Estate Asia 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.”