Lendlease & Mitsubishi Estate Asia have formed a joint venture to acquire the One Circular Quay development in Sydney for AUD 800 million in up front and deferred consideration, with an additional AUD 50 million payment subject to certain project outcomes. To be developed by Lendlease and Mitsubishi Estate, and constructed by Lendlease, the proposed towers at One Circular Quay will have an estimated end value of AUD 3 billion. The development is expected to comprise a 59-level luxury residential tower, designed by the late award-winning Australian architect Kerry Hill, with unrivalled views of Sydney Harbour. A second tower, designed by Kengo Kuma & Associates, will be developed as a 220-room luxury Waldorf Astoria hotel, marking the entry of Hilton’s iconic luxury brand into Australia. Located at the former site of the landmark Gold Fields House, adjacent to Lendlease’s Sydney Place development, One Circular Quay is earmarked for completion by FY27 and will become some of the world’s most spectacular residential and hotel buildings. Mitsubishi Estate currently holds a 19.9% interest in the joint venture. Subject to the satisfaction of certain conditions, this will increase to 66.7% per cent and Lendlease’s ownership will reduce to 33.3%.This joint venture further strengthens the long-standing relationship between Lendlease and Mitsubishi Estate, which includes partnering on the One Sydney Harbour and Sydney Place developments, and Melbourne Quarter’s residential East Tower.