Lendlease sells JV stake in A$1.2bn North Sydney tower project

Lendlease sells JV stake in A$1.2bn North Sydney tower project
Photo:Courtesy of Lendlease

Lendlease has sold a 25 per cent joint venture interest in the Victoria Cross Over Station Development Tower which is expected to have an end development value of A$1.2 billion, in North Sydney to the Australian Prime Property Fund Commercial.

The office tower is being built above Victoria Cross station and is part of a rapidly transforming precinct that will redefine the North Sydney market.

The 40-storey office building will integrate high quality retail opportunities and public space to create a thriving mixed-use hub. Victoria Cross will include approx. 58,000 sqm of office and retail.

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“This is an exciting development in the heart of North Sydney where our investors will benefit from the value creation that Lendlease routinely unlocks with its recognised world class urban regeneration capability,” said Micah Schulz, Fund Manager APPF Commercial.

“This investment is aligned with APPF Commercial’s focus on owning next-generation, sustainable assets in connected precincts with great amenity. As a mixed-use hub with commercial and community appeal, Victoria Cross, like Barangaroo South, will be a place where people will want to come not only to work, but to visit and enjoy unique experiences,” he added.

“The vision for Victoria Cross is to create a world class integrated transport precinct, connected by Australia’s biggest public transport project, Sydney Metro. This project will create a new civic heart for North Sydney comprising leading sustainability practices to create a great place attracting global talent, said Matt Mears, Managing Director of Development.