The One Darling Point development, a A$500m ($328.6m) residential project in Sydney's Eastern Suburbs, has secured development approval.

This construction venture is being realised through a partnership between Australian real-estate company Lendlease and Mitsubishi Estate Asia (MEA).

The latest visuals for the One Darling Point development have now formally been unveiled by Lendlease.

The project aims to offer residents quality housing and connectivity to nearby Edgecliff, providing an array of retail and hospitality options and transport links.

Australian architecture company Tzannes, alongside interior design by Alexander &CO., is behind the mixed-use development's design.

Their vision involves a development that features a publicly accessible link through the site, which pays homage to the heritage-listed Commonwealth Bank building from 1941.

The development's ground floor is set to become a hub with an array of retail, commercial, and hospitality spaces, contributing to the local streetscape.

One Darling Point will comprise 41 market residences, including two-, three-, and four-bedroom apartments, each offering views of Sydney Harbour, the Sydney Harbour Bridge, and the Sydney Opera House.

The 17-storey building will also have a four-bedroom penthouse, complete with a rooftop pool, private terrace, and city views.

A sub-penthouse will also offer views from its own private terrace.

In line with the NSW Government's in-fill affordable housing scheme, the development dedicates 15% of its floor space to affordable housing, providing 18 apartments for key public workers in sectors such as education, healthcare, and childcare.

One Darling Point marks the sixth joint venture between Lendlease and MEA, following their collaboration on several projects, including One Sydney Harbour and One Circular Quay.

The sales campaign for the projects is expected to commence in early 2026.

Lendlease CEO of development Tom Mackellar said: “The NSW Government's new streamlined planning pathway has accelerated the approval process for One Darling Point. Development approval has been secured just five months after public exhibition enabling us to quickly move forward with the project, bringing new homes and jobs to Sydney.

“One Darling Point brings our renowned luxury residential experience to a prime location in Sydney’s East, and will deliver the highest standards of quality and design, alongside the expertise of Tzannes and Alexander &CO.”

This May, Lendlease entered into a conditional agreement with the UK's Crown Estate to form a 50/50 joint venture concerning Lendlease's undeveloped UK land management portfolio.