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Circular Quay tower’s luxury apartment sales hit $1b, and it’s not even built

May 25, 2023 by in Industry News, S+P News

The number of multimillionaire property owners in Sydney is swelling after more than half the apartments in the luxury residential tower at One Circular Quay sold off the plan for a combined $1 billion.

The top floor penthouse at the 58-storey tower is priced at $140 million, a record high for a penthouse in Australia, with other apartments starting at about $11 million.

Lendlease and Mitsubishi Estate Asia are developing the uber-luxury tower at the site of the former Gold Fields House, which has been an empty crater for some time. The tower will soar 200 metres and include 158 residences, all with views of the Sydney Harbour Bridge and Opera House.

The prized levels of 56 to 58 will be occupied by the three-level penthouse, with five bedrooms, private lift, floor-to-ceiling windows and a north-facing swimming pool and terrace. Six full-floor sub-penthouses will take up levels 50 to 55 of the tower, which was designed by the late Australian architect Kerry Hill.

The $3.1 billion project includes an adjoining 220-room Waldorf Astoria hotel, which billionaire couple Andrew and Nicola Forrest bought in February for about $575 million through Fiveight, the property arm of their investment vehicle Tattarang.

The developers are aiming for completion in late 2026 and said 95 per cent of sales had been to local buyers. CBRE’s chairman of residential, Justin Brown, is selling the apartments.

The managing director development at Lendlease, Tom Mackellar, said it was “an incredible milestone” to reach $1 billion in sales having only launched late last year.

“This luxury residential tower, at one of the most prestigious addresses in the world, demonstrates real strength in Sydney’s residential market, and once again elevates Sydney’s real estate onto the world stage,” MacKellar said.

Source: Circular Quay tower’s luxury apartment sales hit $1b, and it’s not even built