Investa Office Fund has completed its 23-storey Barrack Place office development in the Sydney CBD with the launch of its retail precinct.
The high-tech office tower, located at 151 Clarence Street, with an end value of close to $430 million was the only prime grade Sydney CBD office development to reach practical completion in 2018.
The 22,000-square-metre building is now home to bluechip tenants Mills Oakley, Pfizer and Washington H Soul Pattinson with a weighted average lease expiry of 9.6 years.
The heritage-inspired building boasts a brick facade, black steel detailing and ground-floor laneways, now leased to bars and cafes.
The site was home to one of Sydney’s first coffee houses called the Grand Central Coffee Palace, which opened in 1889 and was worth $100,000 at the time.
“The design excellence competition provided a unique opportunity for us to respond creatively to the needs of the modern workplace as well as provide significant benefit to the public by opening up a gateway to the emerging western corridor,” Architectus managing principal Colin Odbert said.
“We drew inspiration from the carriageways and courtyards of the heritage merchant’s warehouses and used a range of materials and architectural detailing to create a rich and textured environment that speaks to the history of the area.”
Designed by Architectus and engineered by Arup, the building has incorporated an array of technologies to improve sustainability.
It is one of the first buildings to utilise smart sensor technology in all of its lighting, which can reduce electricity costs by up to 78 per cent.
Targeting millennial professionals, the building’s wellness and technology elements contribute to its “smart building” status, with features including access to the building, locker and lifts through a smartphone’s Bluetooth.
“Barrack Place sets a new benchmark for office development in Sydney through its considered design that links back to the past and its integration of smart, integrated technology that positions it as one of the most advanced buildings in Sydney,” Investa head of commercial development Mark Tait said.
The building has also implemented advanced air filtration and uses UV lamps to kill microbes and mould.
Extensive greenery in the foyer areas and terrace spaces on the sixth and seventh floors are designed to contribute to the building users' sense of wellbeing.
The building has already received a 6 Star Green Star rating as well as being the first building in Australia to receive the WELL Core & Shell Gold pre-certification by the International WELL Building Institute.