Lendlease is expanding its prime residential pipeline after inking a joint-venture deal with Mitsubishi Estate Asia to secure 1 Darling Point Road.
The partners acquired the site for an undisclosed sum from developer Anka Property, which took on the Woollahra Council to secure approval in February 2024 for a controversial apartment project, which was triple the existing height limit.
The 1700sq m Edgecliff site at the corner of New South Head Road and 1 Darling Point Road has gateway approval for a 12-storey mixed-use building with 8730sq m of gross floor area.
But the JV partners plan to develop a $500-million mixed-use, residential-led scheme with commercial and retail spaces, which will be subject to planning approval.
Lendlease plans to leverage its recent successes in the luxury residential market, including One Circular Quay and One Sydney Harbour, to apply to Sydney’s eastern suburbs.
Lendlease will build out the project with construction slated to begin in 2026.
The location opposite the Edgecliff Centre shopping centre and train station adds significant value to the development potential.
Anka Property Group director Vera Boyarsky said “the sale’s a great risk-adjusted return for us. It was high benchmark for the value of other holdings in the area, of which we have a few”.
