The mining magnate’s private investment firm, Tattarang, will develop the 25-storey tower alongside Lendlease’s luxury residential tower, One Circular Quay.
Andrew Forrest and wife Nicola Forrest’s private investment firm, Tattarang, has purchased a future 25-storey tower from Lendlease and its joint venture partner, Mitsubishi Estate Asia, with plans to bring the ultra-luxe $520 million Waldorf Astoria hotel to Australian shores
Under the new plan, Lendlease will begin construction on the new hotel tower in mid-2023, designed by Kengo Kuma & Associates, and will be owned at completion by Tattarang’s growing property company, Fiveight. (So far, Fiveight owns 14 properties, some operational and some still in planning or development.
It includes the Ningaloo Lighthouse Project and the Binningup Land Development & Golf Course in WA). But Tattarang also owns the Gaia Retrat & Spa in Byron Bay, formerly owned by the late Olivia Newton John.
Fiveight will also own and develop the retail offering at ground level, which will feature 11 individual retail tenancies.
The Waldorf Astoria Sydney by Hilton will be located alongside the soon-to-be developed luxury residential tower, One Circular Quay. It’ll include 220 hotel rooms across the 25 levels with restaurants, spa and wellness facilities, an indoor pool, ballroom and function spaces, boardrooms and a rooftop bar.
Hilton, which owns the Waldorf Astoria, confirmed in early 2022 that it had signed a management agreement with the then-owner of the One Circular Quay development (AW Holding Group) to launch its high-end Waldorf Astoria brand in Australia. With Tattarang’s investment, it’s now set to open in late 2026.
Nicola Forrest says the investment into One Circular Quay is part of Tattarang’s wider strategy to invest in Australian places and has the potential to rejuvenate the Circular Quay precinct.
“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,” Forrest says.
Lendlease managing director of development, Tom Mackeller, says the investment could see One Circular Quay become one of the most desired places to live and stay in the world.
“This transition is a major milestone for the precinct’s revitalisation, bringing us one step closer to transforming the centrepiece of Sydney’s spectacular harbour,” he says.