Sydney’s Martin Place is set to undergo a $1 billion transformation restoration after the public precincts Owners Group, chaired by GPT Group Director Andrea Roberts, has partnered with the
City of Sydney to rejuvenate the space, including the 18th and 19th century buildings.
In an interview conducted by The Australian Financial Review, Ms Roberts said the building owners would have their own “significant projects going on”, but ultimately they wanted to help the City of Sydney with its master plan.
It was reported that progress is beginning to take shape after substantial financial investment was realised by the owners.
The cities new public transport infrastructure, including the cities new light rail system down George Street, which is expected to be completed by 2020, will help the soon to be revived space.
Some of the multi-million investments include a $450 million injection into 5 Martin Place by DEXUS Property Group, $250 million on 333 George Street by Charter Hall as well as a $330 million spend by GPT Group and QIC on repositioning the MLC Centre at 19 Martin Place.
The precinct is dubbed as Australia’s equivalent to Wall Street and was historically known as a place where shipping news first broke in the 1800's.
Nowadays it is home to the city’s biggest banks, law firms and accountants.
Pembroke Real Estate Senior Vice President Jack Clark said many of the buildings in Martin Place were in need of rejuvenation and the building owners would not have put this level commitment into the development if they did not think there was longevity in the investment.
