• Secured site at 175 Liverpool St, Sydney for luxury residential project
• Planned selldown of up to 50% of project to generate fee streams and predictable earnings
• Project expected to comprise up to 300 apartments and 2,000 sqm of retail space

Lendlease today announced it has secured a site at 175 Liverpool St, Sydney, with settlement subject to satisfaction of conditions precedent. The site is intended to be a luxury residential project developed alongside joint venture partners, with a selldown of up to 50% of the project expected in the coming weeks. The planned selldown continues the approach of early capital partnering on projects to create strong alignment with partners, while generating regular fee streams and more predictable earnings for securityholders over time. Anticipated to comprise up to 300 apartments for sale and 2,000 sqm of retail space, the luxury development will overlook Hyde Park, with views of Sydney Harbour. The project, which has a gross end value of more than $2.5 billion, is targeted to commence in FY27 and complete in CY30 and is expected to add to Lendlease's future earnings profile, including receipt of development management and construction fees and settlement proceeds at completion. The acquisition has been structured as staged payments, with the project expected to deliver returns comfortably above the Group's cost of equity. Securing 175 Liverpool St and One Darling Point in Sydney leverages continued strong demand for luxury residential apartments, with Lendlease's flagship residential development, One Circular Quay (OCQ) now over 80% sold by value and sales exceeding $2.0 billion. With Lendlease's share of OCQ profits expected in FY27, the Group remains focused on extending its pipeline of opportunities in Australia for FY28 and beyond.

The acquisition of the 175 Liverpool St site provides a further opportunity to build on Lendlease's market-leading credentials in the luxury residential space as the company continues to re-stock its Australian development pipeline beyond FY27. The successful completion of One Sydney Harbour, which set a new sales record for a penthouse, and sales achieved to date at One Circular Quay, on track for completion in FY27, reflect the strong demand for high-end luxury offerings in Sydney that complement Lendlease's core capability of delivering urban renewal through the creation of mixed-use precincts.