Lendlease and Mitsubishi Estate Asia have locked in approval for a $500-million tower in Sydney’s eastern suburbs.
One Darling Point, a 17-storey project at the corner of New South Head and Darling Point roads, will deliver 41 high-end apartments, 18 affordable homes and nearly 1750sq m of commercial and retail across a four-level podium.
The site spans five lots opposite Edgecliff Station.
Planning approval was granted five months after public exhibition under the state’s fast-track pathway for State Significant Developments.
The project also leverages the NSW Affordable Housing State Environmental Planning Policy, providing at least 15 per cent affordable housing.
Lendlease head of development Tom Mackellar said the approval had moved quickly under the planning framework.
Mitsubishi Estate Asia acquired the site in partnership with Lendlease last year, targeting a foothold in Sydney’s east.
Executive director Yosuke Matsunaga said the approval marked a “major milestone” in the group’s expansion strategy.
The design, by Tzannes and Alexander &CO, includes a rooftop pool, restored 1941 heritage facade and a public through-site link.
Construction is targeted for 2026.
