Lendlease’s new Residences Three tower at Barangaroo sets benchmark

Sydney’s luxury Barangaroo precinct is preparing to take on a new life, with Lendlease to release the third of its opulent apartment towers.

One Sydney Harbour, developed by Renzo Piano and Lendlease.

Sydney’s luxury Barangaroo precinct is preparing to take on a new life, with Lendlease to release the third of its opulent apartment towers.

The move comes amid strong sales for city apartments, with James Packer’s nearby Barangaroo tower also selling strongly and Cbus Property getting good results in the 111 Castlereagh project in the city.

The Barangaroo residential precinct has been capped by the 2019 sale of the penthouse of Lendlease’s first tower, One Sydney Harbour, for $140m to a buyer hailing from China, and the developer’s second tower has also sold well.

The buyers in these projects are yet to be revealed but the purchasers in the 76-unit One Barangaroo Crown Residences building include Asian real estate and business entrepreneurs and local buyers like former Sydney lord mayor Nelson Meers.

James Packer himself is yet to settle his $60m acquisition of a two-storey apartment as it not fully completed.

Crown reported more sales in its One Barangaroo Crown tower at a recent update. It said that by November it had made more than $1.1bn in gross sales and pre-sale commitments, which amounts to more than 85 per cent of all the apartments.

Crown has settled on about $925m in sale proceeds, and the remaining $325m in sale proceeds are expected to be received by the end of June.

One Sydney Harbour

Lendlease is capitalising on the hot market and is inviting registrations ahead of the public launch of Residences Three in its One Sydney Harbour, which is due in early 2022.

It will be the final piece of Lendlease’s three-tower project and the smallest. Residences One will rise 72 storeys and have 315 units, while Residences Two is 68 storeys with 322 apartments.

Residences Three will be just 30 storeys.

The apartments have been selling fast. Residences One and Two were about three-quarters pre-sold as at Lendlease’s August results, and the real estate selling environment since then has been upbeat.

To date, Lendlease has secured more than $2bn worth of sales at Residences One and Two at One Sydney Harbour.

Lendlease head of apartments Daniel Dugina said One Sydney Harbour “sets the benchmark as Australia’s most exclusive residential address”.

“Sales to date on our Residences One and Two have gone exceptionally well due to high demand of local owner-occupiers who recognise this once-in-a-generation opportunity,” he said.

“We believe this final opportunity to be part of One Sydney Harbour will be no exception.”

Lendlease is pitching Residences Three at One Sydney Harbour as “the last opportunity” for buyers to secure an apartment off the plan in the award-winning and carbon-neutral precinct.

As a point of difference, Residences Three provides a more boutique apartment offering, with high-end luxury interior design and access to amenities and facilities available in the other two towers.

It is designed by Pritzker Prize-winning architect Renzo Piano alongside leading interior designers Daniel Goldberg of State of Craft and Chris Darling of Darling Associates.

The 30-storey tower includes 162 luxurious one, two and three-bedroom residences with north-facing park side and water views. Of the 162 apartments for sale, four will be two-level.

Development of the last residential tower represents the final chapter om more than a decade of work by Lendlease at Barangaroo South.

Lendlease is in the early stages of gathering expressions of interest from their VIP database and completion of the tower is anticipated in 2024.

Originally published as Lendlease’s new Residences Three tower at Barangaroo sets benchmark