Lendlease buys approved Liverpool St, Hyde Park development site on Sydney CBD fringe

Lendlease has secured a prime site at 175 Liverpool Street, overlooking Hyde Park, from Chinese developer Shimao Group Holdings.

Shimao had secured approval last year for 259 apartments across two 28 and 30-level towers, set above commercial and street-level retail.

Lendlease will develop up to 300 apartments and 2,000 sqm of retail and commercial space, subject to planning consents, on the circa 3,750 sqm site.

The project, which is expected to have a gross end value of more than $2.5 billion, will be developed alongside joint venture partners, with a sell-down of up to 50 per cent of the project expected in the coming weeks.

Centrally located in Sydney’s CBD at the southern end of Hyde Park, residences at 175 Liverpool Street will offer north-facing expansive views across 16 hectares of green space through to the Opera House and Sydney Harbour.

The acquisition of 175 Liverpool Street builds on Lendlease’s success in Sydney’s luxury residential market, including the completion of One Sydney Harbour, which set a new sales record for a penthouse, and sales at One Circular Quay surpassing $2 billion. One Darling Point also received development approval last month, progressing Lendlease’s portfolio of luxury projects in desired locations.

Construction of 175 Liverpool Street is targeted to commence in 2027. 

Tom Mackellar, CEO Development, Lendlease, called the acquisition is one of the most significant in the local real estate market in recent times.

"[It] strongly aligns with our strategic growth plans in Australia, where we continue to identify opportunities to expand our development pipeline.

“Centrally located overlooking Hyde Park with views of Sydney’s iconic landmarks, 175 Liverpool Street demonstrates how exceptional developments that redefine the city can be realised through our deep residential expertise.”