Lendlease is banking on growing demand from Baby Boomers wanting luxury accommodation – and largely untroubled by interest rates – to drive a residential development business that is now more focused after the sale of its masterplanned communities business.

While the diversified developer, builder and investor could still provide housing for buyers on a range of incomes in large urban precincts and would also like to develop build-to-rent housing, it was strongly chasing wealthy downsizers, chief executive Tony Lombardo said.