Investa Property Group and the Tieck family-owned Gwynvill Group have received the green light for a $750 million premium office tower at Martin Place, right in the heart of the Sydney CBD.
The development will take the place of the old Westpac building, which is expected to be demolished, with construction completion anticipated for early 2019. It will be a joint 50-50 venture between the two current landlords.
The tower is expected to rise 33 storeys and have a net lettable area of 30,000sqm and a gross area of 44,000sqm.
As reported in The Australian, Investa Office Head of Capital Transactions, Commercial Development and Leasing Michael Cook said the landlord had scoured the international and local stage for design proposals from leading architectural firms and a formal design competition for shortlisted parties was started last year.