Property investor ISPT has unveiled a $135-million redevelopment of its 30-storey office tower in Sydney’s burgeoning central tech district.
The revamped building at 477 Pitt Street has 43,500sq m of commercial space and 1850sq m of retail. Floor plates are up to 2500 square metres.
Tenants have been quick to space in the building with ISPT saying more than 70 per cent is committed. Tenants include legal firm Moray and Agnew, specialist accounting firm Hnry and Canadian manufacturing company BRP.
Stone and Chalk, the NSW government-supported tech scale-up hub, has about 8000sq m over six floors.
ISPT, which has held the Pitt Street site in its office portfolio since 1999, began the building transformation last year. That includes a new lobby, a well-being facility, collaborative workspaces and event areas, as well as a new rooftop terrace overlooking Belmore Park.
A rejuvenated facade is expected to be completed in 2025.
Melbourne-headquartered Wardle architects were responsible for the design, while ISPT also engaged First Nations landscapers Yerrabingin.
The redevelopment incorporates three heritage buildings—the 1922 Australian Gaslight Company (AGL) showroom, an historic Presbyterian house and Sydney’s first fire station.
With its classical columns, ornate ceiling and dome-lit skylight, the original AGL building has been turned into a shared work and events space for private dinners, conferences and presentations for up to 250 people.
ISPT says the centrepiece of the redevelopment is a 19m-long hand-crafted collaborative table and 12m-wide digital display in the ground floor lobby.
ISPT head of portfolio Nicole Ward said the redevelopment marked a new era for the asset and reinstated Pitt Street as a destination for the brightest minds and industry leaders to achieve, innovate and grow.
“Where possible we are focused on repositioning, rather than demolishing, existing assets to unlock value without the associated environmental impact of knocking down large structures which releases significant amounts of embedded carbon,” Ward said.
“This is a key driver in all of our investment decision-making.”
The redevelopment is ISPT’s second of an existing asset in as many years, and follows the $150-million investment to redevelop its building at 500 Bourke Street, Melbourne. The two assets are part of the company’s $22-billion portfolio.
The Tech Central precinct is a collection of six neighbourhoods anchored around Sydney’s Central Station. It is expected to eventually provide up to 250,000sq m of space for technology companies, including 25,000sq m at affordable rates for start-ups.
