Lendlease’s new Barangaroo super luxury play

The next generation of residential towers is about to hit the block on Sydney Harbour.

Artist impressions of LendLease’s Barangaroo project. Picture: Supplied

Property developer Lendlease is looking to capitalise on the surging residential property market with the formal launch of its second multi-billion dollar residential tower in Sydney Harbour side Barangaroo precinct.

The release comes as the city‘s luxury market has taken off and major property groups are looking to bring forward releases with Mirvac also set to soon release apartments at its Willoughby site and Chinese groups are also readying projects.

Lendlease has been quietly wracking up sales to its database and in private showings but is now opening it up to the broader market.

Lendlease head of residential Ben Christie said One Sydney Harbour “continues to set benchmark after benchmark as Australia’s most exclusive residential address”.

“We have accelerated the on-market launch of Residences Two and sales to date are going very well, owing to high levels of demand from locally based owner occupiers who recognise the uniqueness of this offering as a once in a generation opportunity,“ he said.

“We are also seeing high levels of interest from both customer referrals and repeat purchasers who know Lendlease will deliver an exceptional product,” he said.

In a nod to the rise of the new class of buyer that is taking out whole floors of buildings to either amalgamate properties or have a portfolio of apartments.

“Sales to date include several large apartment purchases, with some customers seeking to amalgamate these into substantial homes,” he added.

Lendlease smashed Sydney‘s rates per square metre sales records on its first tower and it is hoping to top these benchmarks in its second tower.

“We have broken numerous records in Residences Ones and those sorts of prices and certainly that level of demand is being repeated in Residences Two,” Mr Christie said.

Both towers are benefiting from the views that they and James Packer‘s Crown Resorts hold of a unique vista spanning from the Sydney Harbour Bridge to the Sydney Opera House forecourt that they went to court to protect and eventually won agreement from the NSW government.

The fallout from that decision is being challenged by ailing developer Grocon which has launched a $270m legal action against the state body Infrastructure NSW.

But for now the focus is firmly on the luxurious residential stylings of the building.

Lendlease on Wednesday granted The Australian first look at the exclusive display suite for Residences Two, its second residential tower at Barangaroo’s One Sydney Harbour.

The bespoke finishes set the complex apart from many rivals and it also sports luxurious dining rooms, lounges, business facilities, spas, swimming pools, and a whiskey room.

Despite the $140m penthouse in the first tower going to buyer hailing from China, much of the interest is coming from locals.

“Obviously COVID has created the situation that we’re in from a buyer point of view but it was always predicted that most of our customers would be local,” Mr Christies said.

Sales are running at an aggressive pace. More than 20 per cent of demand has come from previous Lendlease customers, along with customer referrals, including friends and family of Residences One purchasers, and those who missed out in that tower.

The 235-metre-tall Residences Two tower will comprise 322 units across 68 levels, designed by a collaboration between Pritzker Prize winning architect, Renzo Piano and leading interior designers, Daniel Goldberg of State of Craft, and Chris Darling of Darling & Associates.

Available homes in Residences Two vary in price, with one bedders starting in excess of $2m, two bedders for more than $3.5m, and three bedders for over $5m.

Luxury homes with unencumbered north facing views of the iconic Sydney Harbour Bridge and Opera House start at more than $12m.