Fiveight has welcomed One Circular Quay to its growing portfolio of iconic Australian assets and will be contributing to the revitalisation of the site, which will also include a world-class civic and retail precinct that collectively houses 11 individual retail tenancies across the two towers.
The acquisition of One Circular Quay bolsters Fiveight’s rapidly expanding portfolio, with a collection of Australian residential, commercial and industrial assets under the company’s belt.
Purchased from Lendlease and Mitsubishi Estate Asia, One Circular Quay will join Fiveight’s growing list of Australian icons including Indiana Tea House, Carillon City and East Perth Power Station.
John Meredith, Head of Fiveight, said the acquisition of One Circular Quay is a major milestone for the business as it sets its sights on investing in landmark Australian properties and precincts that will leave a positive legacy.
“Our vision at Fiveight has always been to develop, own and manage iconic Australian landmarks that have stood proudly among our communities and revitalise them to ensure their legacy carries on to serve generations to come,” Mr Meredith said.
“We are so proud to welcome One Circular Quay to our portfolio of landmark Australian properties. As a centrepiece redevelopment in Australia’s gateway city, we see it as our duty to ensure this new site lives up to its glory as a world-class destination.
“As the custodians of this landmark site, our team at Fiveight look forward to working closely with Lendlease to deliver this development with a unique local flair. True to our ethos at Fiveight, One Circular Quay will become an iconic Australian asset that is led by high quality sustainability and design principles.”
Tattarang Director, Nicola Forrest AO said the investment is a continuation of Tattarang’s long-term strategy to invest in and support iconic Australian places, spaces and products that showcase the best of what our country has to offer.
“Fiveight will curate a truly unique retail offering–to champion and showcase Australia’s best brands and products to the five million people who visit Circular Quay each year,” Mrs Forrest said.
The One Circular Quay precinct will see two towers erected, with both boasting unrivalled views of Australia’s most recognisable landmarks — Sydney Harbour Bridge and the Opera House. In addition to the acquisition of the Waldorf Astoria hotel tower, Fiveight will own and manage the new civic and retail precinct that will span across the hotel and residential towers.
Fiveight will work closely to deliver the hotel tower at One Circular Quay, which has been designed by Kengo Kuma & Associates and will be constructed by Lendlease.
Construction is set to commence at One Circular Quay in mid-2023, with the hotel due to open in late 2026.