Waldorf Astoria on Circular Quay becomes another “Twiggy” Forrest property

Australia’s first Waldorf Astoria hotel on Sydney harbour has been snapped up by billionaire Andrew Forrest’s private investment vehicle, Tattarang.

Forrest’s investment arm will pay just over $500 million for the acquisition – a 220-room 25-level tower neighbouring a luxury residential tower.

Waldorf Astoria will be part of the $3.1 billion One Circular Quay tower being developed by Lendlease and Mitsubishi Estate Asia.

Construction of the hotel is set to begin in June and will offer “unrivalled views of Sydney Harbour Bridge (and) the Opera House”.

Once constructed, the property which is being built by Lendlease, will be fully owned by Tattarang’s property company Fiveight, as part of the company’s long-term strategy to invest in and support top Australian infrastructure.

“Circular Quay is a globally unique and instantly recognisable location that continues to welcome millions of visitors from both near and far each year,” co-owner Nicola Forrest said in a statement.

“As long-term investors, we believe this development can play an important role in the future rejuvenation of the wider Circular Quay precinct and we are committed to engaging with Lendlease and the surrounding community towards an even brighter future for Australia’s gateway city.”

Fiveight will also own and develop the ground level retail section.

“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,” Nicola Forrest said.

The hotel is expected to open in late 2026.

Jonathan Jackson - 22-2-23