This article is from the Australian Property Journal archive
A SYDNEY sub-penthouse in Lendlease’s One Circular Quay has sold off-the-plan for $61.7 million, taking the third spot in Sydney’s apartment sales record.
The project includes six sub-penthouses in total, plus a three-level penthouse with price expectations of more than $140 million, which could knock the current $140 million record apartment sale set at Lendlease’s One Sydney Harbour.
One Circular Quay has tallied $157 million in sales since mid-September, with Apex Investments managing the sales campaign for the tower.
Being delivered in a partnership between Mitsubishi Estate Asia and Lendlease, the $3 billion 58-floor building is expected to reach completion in 2027.
The partnership saw Lendlease and Mitsubishi Estate Asia enter $800 million-plus mega-deal to acquire the luxury residential and hotel project, after AW Holding Group, which has links to Chinese development giant Evergrande, offloaded the development.
With AW Holding Group in turn purchasing the it from Chinese-backed developer YuHu Group, which bought One Circular Quay from Beijing-based heavy hitter Dalian Wanda in 2018.
The Japanese giant Mitsubishi Estate Asia has recently entered Australia’s logistics and industrial sector to develop a $175 million industrial estate in Melbourne’s south-east in partnership with ESR.
In the penthouse market, Melbourne saw a new record set for off-the-plan transactions in Boroondara at Time & Place’s Victoria Hill.
