“With uninterrupted views of the Sydney Harbour Bridge and Sydney Opera House, a development of this standard, in this location, is an incredible opportunity, and we look forward to bringing this iconic development to market,” Mackellar said.

The site has plans for a 59-level luxury residential tower designed by the late Australian architect Kerry Hill. Under the previous owners’ proposals, the penthouse was said to be worth around $100 million. A second tower, designed by Kengo Kuma & Associates, will be developed into a 220-room luxury Waldorf Astoria hotel, managed by the Hilton group as part of its luxury brand portfolio.

Mitsubishi Estate Asia’s Yuzo Nishiyama said the group was “truly excited to be a part of such an iconic project for Sydney and [we] look forward to expanding our relationship with Lendlease as we work together to deliver One Circular Quay.”

Under the current joint venture, Mitsubishi Estate holds a 19.9 per cent interest. Subject to the satisfaction of certain conditions, this will increase to 66.7 per cent and Lendlease’s ownership will reduce to 33.3 per cent.

Mitsubishi Estate is also a partner on Lendlease’s One Sydney Harbour and Sydney Place residential developments at Barangaroo and its Melbourne Quarter residential East Tower.