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Lendlease wins planning approval for engineered timber office project in Sydney

Lendlease Corp. Ltd. obtained planning approval to build its second engineered timber office building, dubbed Daramu House, in Sydney's Barangaroo South.

While the Australia-listed property company did not disclose the tower's potential end value or the name of a possible ultimate owner, market sources place its worth at more than A$200 million, when fully leased, according to The Australian Financial Review.

Upon completion in 2019, Daramu House will offer more than 10,000 square meters of commercial floor space on six floors and ground level retail tenancies on approximately 680 square meters.

Plans for the proposed development come after the completion of International House Sydney, also at Barangaroo, in 2017.

The building will be Lendlease's sixth engineered timber building in Australia, and the third project to be sourced from its precision timber manufacturing center in Eastern Creek, Western Sydney.