Lendlease Forms Joint Venture for $2.5 Billion Luxury Project in Sydney

Sydney, Australia - July 28, 2025: Lendlease, a prominent global property and infrastructure group, has officially entered into a joint venture with Mitsubishi Estate Asia (MEA) and Nippon Steel Kowa Real Estate (NSKRE) to spearhead a luxury residential development at 175 Liverpool Street, Sydney. The announcement follows an initial disclosure made on July 16, 2025, highlighting the strategic collaboration aimed at revitalizing the area with a project estimated at AUD 2.5 billion.

The luxury residential development is expected to feature state-of-the-art amenities and sustainable design, aligning with Sydney's vision for modern urban living. According to Mr. Steve McCann, CEO of Lendlease, "This partnership marks a significant step towards enhancing the urban landscape of Sydney, providing high-quality living spaces while maintaining our commitment to sustainability."

The collaboration with MEA and NSKRE brings together a wealth of experience in real estate development, particularly in luxury markets. Mitsubishi Estate Asia, a subsidiary of Mitsubishi Estate Co., Ltd., is known for its leadership in the Japanese property market, while Nippon Steel Kowa Real Estate is recognized for its innovative approaches in residential construction and development.

In light of the increasing demand for luxury residences in urban centers, this joint venture not only aims to cater to affluent buyers but also contributes to the economic revitalization of the Liverpool Street area. The development is poised to create hundreds of jobs during both the construction phase and the operational phase post-completion.

According to the Real Estate Institute of New South Wales, the luxury property market has seen a significant uptick, with a reported 15% increase in sales in the last year alone. This trend highlights the growing interest in high-end residential spaces within Sydney, further fueled by international investment and an expanding population.

Experts in urban development, such as Dr. Emily Carter, Professor of Urban Planning at the University of Sydney, emphasize the importance of such projects in addressing the housing crisis. “Luxury developments, when executed with a focus on sustainability and community integration, can play a pivotal role in shaping urban environments that cater to diverse populations,” Dr. Carter stated.

The proposed timeline for the project indicates that construction is expected to commence in early 2026, with completion projected for late 2028. The joint venture partners are dedicated to engaging with the local community and stakeholders throughout the development process to ensure that the project aligns with the needs and expectations of Sydney residents.

As cities around the world grapple with housing shortages and urban sprawl, Sydney's commitment to luxury developments such as this one may serve as a model for future urban projects. The collaboration between Lendlease, MEA, and NSKRE not only reflects a strategic business initiative but also embodies a broader vision for sustainable and inclusive urban development.