Lendlease and Mitsubishi Estate Asia confirm new Darling Point apartment development
Lendlease has confirmed to its shareholders that it will again team up with Mitsubishi Estate Asia on a new development in Sydney's Eastern Suburbs.
The much-publicised site at 1 Darling Point Road had been owned by international development company Anka Property, who for years had been in discussion with the Woollahra Council for the 1,748 sqm site opposite the Edgecliff Centre and Edgecliff Station.
Despite initially being refused by the council back in 2021, they backflipped on the design earlier this year, paving the way for the tower which is nearly four times the area height limited.
Anka then decided to sell the 1,700 sqm site, on the corner of New South Head Road and Darling Point Road. Lendlease and Mitsubishi Estate Asia is now planning a mixed-use, residential-led scheme with associated amenities and commercial and retail spaces, subject to planning approval. Anka had planned a 12-level building with around 40 apartments.
The 50/50 joint venture marks the sixth project Lendlease and Mitsubishi Estate Asia have undertaken together. Previous ventures include One Sydney Harbour, One Circular Quay, Sydney Place, and Melbourne Quarter’s East Tower.
Construction is earmarked to start on the development in 2026.
Tom Mackellar, CEO of Development Lendlease, said the acquisition supports the strategic growth of their development pipeline in Australia.
“We look forward to working alongside our trusted development partner, Mitsubishi Estate Asia, to deliver high-quality housing to this highly connected and sought-after neighbourhood in Sydney’s Eastern Suburbs.”
Head of Australia, Mitsubishi Estate Asia Head of Australia, Yuzo Nishiyama, said the highly strategic investment that Mitsubishi Estate Asia has made with Lendlease will capitalise and extend on the strong success they have shared together in Sydney’s luxury residential market.
It also reinforces our commitment to do more with our partners in sectors that deliver attractive risk-adjusted returns for our Australian business. We look forward to making more investments in Australia’s residential market to help address the prevailing supply shortage.”
