One Circular Quay cracks $1bn sales mark as the demand for luxury living surges

More than half of residences were pre-sold, and the sale of the penthouse could rival the One Sydney Harbour penthouse’s $140m record.

Sydney could be heading towards another record penthouse sale after developer Lendlease revealed that it has sold more than $1bn worth of apartments in the ultra-luxury tower it is developing at Sydney’s Circular Quay.

The sales come amid rerating of the top end of the residential apartment market where developers are reaping the benefit of a pick-up in offshore buyers and local buyers who are cashed up after selling out of a resurgent mansion market.

Lendlease said that more than 50 per cent of residences in the apartment tower had been pre-sold, and the sales price of the One Circular Quay penthouse was expected to rival that of the One Sydney Harbour penthouse at Barangaroo which sold for $140m in 2019.

“It’s an incredible milestone to reach $1bn in sales, having only launched to an exclusive database late last year; and with construction well under way, One Circular Quay is fast taking shape,” Lendlease managing director development Tom Mackellar said.

An artist’s impression of the view from One Circular Quay.

“This iconic 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 on to the world stage.”

Lendlease’s development of the complex is backed by Mitsubishi Estate Asia, and the firm has since been linked to other projects as a new class of premium buyer chases apartments.

The initial surge of interest in the area has also been supported by strong resales at Barangaroo in Crown’s One Barangaroo tower, where the $100m multi-level penthouse is also still available.

The pricing at One Circular Quay is expected to surpass other developments due to its unique position on the former site of Goldfields House on the doorstep of Sydney Harbour.

Since its off-market launch in late-2022, more than 50 per cent of residences have pre-sold.

Andrew Forrest's Fiveight business has bought the Waldorf Astoria Sydney.

Designed by late award-winning Australian architect Kerry Hill, the 58-level luxury residential tower will rise 200m and include 158 residences. Two, three and four-bedroom residences have dual views of the Sydney Harbour Bridge and Opera House.

Levels 50-55 will house six full-floor sub-penthouses, while levels 56-58 will be reserved for the three-level penthouse sporting five bedrooms, a private lift, floor-to-ceiling windows with panoramic views of Sydney’s famous harbour, and a north-facing swimming pool and terrace.

Six sub-penthouses which are still available, are considered an ultra premium offer and the developer has declined to release pricing.

One Circular Quay’s residents will have premium facilities, including a private indoor pool, gym, steam room and dedicated concierge services. A state-of-the-art display suite has now been unveiled to prospective purchasers, but it is by invitation only.

A neighbouring 220-room Waldorf Astoria hotel is being developed by Lendlease. The hotel, which marked the entry of Hilton’s luxury brand into Australia, was bought by tycoon Andrew Forrest’s Fiveight – the property division of his Tattarang – earlier this year.

Both the One Circular Quay residences and Waldorf Astoria hotel are targeted for completion in late 2026.