Andrew and Nicola Forrest-led Tattarang has acquired prime Sydney land for more than $500 million, with plans to construct Australia’s first Waldorf Astoria Hotel.
Andrew and Nicola Forrest-led Tattarang has acquired prime Sydney land for more than $500 million, with plans to construct Australia’s first Waldorf Astoria Hotel.
Tattarang bought a site within the $3.1 billion One Circular Quay development area from Lendlease Group and its joint venture partner Mitsubishi Estate Asia, to be developed as a 25-storey tower.
According to Lendlease, the contract close was expected in April 2023 when a substantial portion of the sales price becomes payable.
Construction of the Waldorf Astoria Sydney is expected to start mid-year, to be designed by Kengo Kuma & Associates and constructed by Lendlease, due to open in late 2026.
Tattarang co-owner and director Nicola Forrest said the investment was a continuation of the company’s long-term strategy to invest in and support iconic Australian places.
“Circular Quay is a globally unique and instantly recognisable location that continues to welcome millions of visitors – from both near and far – each year,” she said.
“As long-term investors, we believe this development can play an important role in the future rejuvenation of the wider Circular Quay precinct and we are committed to engaging with Lendlease and the surrounding community towards an even brighter future for Australia’s gateway city.
“We are excited to work collaboratively with the Hilton team to create one of the world’s most innovative Waldorf Astoria hotels, and importantly one that is uniquely Australian.”
The proposed 25-storey hotel comprises of 220 rooms, restaurants, spa and wellness activities, an indoor pool, ballroom and function spaces, boardrooms, and a rooftop restaurant and bar.
Lendlease and Mitsubishi Estate Asia are constructing a luxury residential tower next to the proposed Waldorf Astoria Sydney, within the Circular Quay area.
Tattarang’s property arm, Fiveight, will own and develop the ground floor across the hotel and residential buildings, which has been planned to accommodate 11 retail tenancies.
Lendlease Development managing director Tom Mackellar said the transaction was a major milestone for the precinct’s revitalisation.
“Australia’s first Waldorf Astoria by Hilton, which will be located alongside our luxury One Circular Quay residential tower, positions this precinct to become one of the most desired places to live and stay in the world," he said.
Hilton Head of Australasia and area vice president Paul Hutton said as the first Waldorf Astoria property to debut in Australia, the Sydney hotel signalled the hotelier’s commitment to expand its luxury portfolio.
“We are truly excited to be a part of such an iconic project for Australia and look forward to deepening our relationship with Fiveight as we work together to deliver a truly world class experience at Waldorf Astoria Sydney,” he said.
Lendlease and Mitsubishi Estate Asia formed a joint venture to acquire the One Circular Quay development in Sydney for about $850 million in July.