Lendlease reaps $100m from sale of two renowned Sydney buildings
Two Asian-backed investment groups have tied up deals to buy two of Sydney’s most distinctive buildings, with developer Lendlease reaping more than $100 million from selling the Kengo Kuma-designed The Exchange at Darling Square and a hospitality complex on Barangaroo South’s waterfront to separate parties.
Both buildings sit in busy thoroughfares and are popular on social media, but buyers were drawn by their hard-edged investment metrics as much as their architectural merits.
Eight bidders chased the larger Exchange complex after the building, designed by renowned Japanese architecture firm Kengo Kuma & Associates, went on the block for about $70 million.
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The distinctive timber wrapped building sits in the heart of the Darling Square precinct and was picked up by SLLZ Development and Holdings Group, according to property records.
Sitting at the site of the former Sydney Entertainment Centre, the six-storey building, covered in almost 20km of New Zealand-sourced radiata pine, includes a ground floor market hall, the XOPP by Golden Century Group, and a library and childcare facilities.
Darling Square defied the gloom about the apartment market and Lendlease settled about 1500 new apartments this year and attracted more than 70 retailers. It also includes an office block occupied by the Commonwealth Bank.
The hospitality asset, 35 Barangaroo Ave, is on Sydney Harbour. The striking building includes three-levels leased by chef Matt Moran and businessman Bruce Solomon’s hospitality group Solotel.
Eight bidders chased the building before it sold for close to $40 million.
This article originally appeared on www.theaustralian.com.au/property.