Lendlease and Mitsubishi Estate Asia have snapped up a 4,000 sqm site on Alfred Street in Circular Quay which will feature Australia’s first Waldorf Astoria.

The site, formerly owned by Chinese Communist Party influence agent Huang Xiangmo, went up in flames four years ago and has sat idle ever since. It will soon be transformed into a $3 billion precinct comprising one 59-storey tower designed by the late Kerry Hill, and a second tower for the 220-room Waldorf Astoria, designed by Kengo Kuma & Associates.

The two developers acquired the site for $800 million, with the hotel marking the entry of Hilton’s iconic luxury brand into Australia. With a number of developments currently underway in Circular Quay, the project shapes up as one of international significance.

“One Circular Quay will undoubtedly become one of the most desired addresses to live and stay in the world, once again elevating Sydney’s real estate market on the global stage and further building off the sales momentum of nearby One Sydney Harbour,” says Tom Mackellar, Managing Director Development, Lendlease Australia.

“With uninterrupted views of the Sydney Harbour Bridge and Sydney Opera House, a development of this standard, in this location, is an incredible opportunity and we look forward to bringing this iconic development to market.”

Mitsubishi Estate Asia’s Head of Australia, Yuzu Nishiyama, says the developer is excited to be expanding its pipeline in an opportune location.

“We are truly excited to be a part of such an iconic project for Sydney and look forward to expanding our relationship with Lendlease as we work together to deliver One Circular Quay.”

Jarrod Reedie

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