Lendlease Group (ASX:LLC) secured a site in Sydney, New South Wales, with settlement subject to satisfaction of certain conditions, according to a Wednesday filing with the Australian bourse.

The site is intended to be a luxury residential project developed alongside joint venture partners, with a sell-down of up to 50% expected in the coming weeks, the filing said.

The project, with an end value of over AU$2.5 billion, is set to begin in the fiscal year 2027 and finish in 2030, according to the filing.

Shares fell nearly 1% in morning trade on Wednesday.