Mirvac Bumps Up Office Space for $600m Sydney Tower
Mirvac is adding 10,000sq m of office space to its $600-million tower overlooking Circular Quay in what it calls the “final piece of the puzzle”.
The 55 Pitt Street, Sydney development was the last significant site within the so-called APDG (Alfred, Pitt, Dalley and George streets) block and was “critical in the successful realisation of the precinct”, according to the plans that went on exhibition this month.
There are four other major developments in the block, owned by Mirvac, Lendlease, Poly Australia and Yuhu Group.
The latest detailed design by Mirvac details a 53-storey tower up to the maximum 240.8m height limit. The building would add $1 billion in gross value to the CBD.
The plans by Woods Bagot and SHoP also included 70,000sq m of commercial and retail floorspace across an eight-storey podium, 45 storeys of office space and a large lobby with a waterfall.
This is an increase in space from the 60,000sq m of space announced in May, 2020 and 45,000sq m detailed in July 2018.
APDG block developments
| Tower | Developer | Site | Description | Status |
|---|---|---|---|---|
| 1. One Circular Quay | Yuhu Group | 1 Alfred Street | Construction of a new 57-storey mixed-use development comprising retail and residential uses. | Buildings demolished, excavation underway. |
| 2. Salesforce Tower | Lend Lease, Ping An Real estate, Mitsubishi Estate Asia | 180 George Street | Construction of a new 55-storey office tower on top of a retail podium and new Jacksons on George Building. | Under construction |
| 3. EY Centre | Mirvac | 200 George Street | A 37-storey commercial office building and refurbishments of the existing building at 4 Dalley Street. | Completed 2016 |
| 4. Poly Centre | Poly Australia | 210 George Street | Construction of a new 28-storey commercial building with a maximum height of 110m. | Under construction |
| 5. Mirvac | Mirvac | 55 Pitt Street | A 53-storey commercial tower with office and retail space. | Application on exhibition. |
^Source: City of Sydney D/2021/665
There would also be a rooftop garden, embellishment of the existing Ausgrid Substation and Telstra Exchange, $1 million in public art, 658 bicycle spaces and 79 car parking spaces.
The tower would showcase environmental sustainability, deliver substantial public benefit and be the final piece in the APDG block puzzle, according to the plans.
“The APDG block forms an important part of the financial, professional and business services core central Sydney, and, by extension, plays a critical role in the continued growth and economic success of Sydney,” the application said.
“This project represents an exceptional opportunity to fulfil the vision for the APDG block by delivering premium-grade commercial floor space.”
Related: Top 20 Sydney Development Projects
The Property Council of Australia reported Sydney CBD office space was tightly held with a vacancy rate at 8.6 per cent in January compared to the national metropolitan average of 11.1 per cent for the month.
The increase in vacancy was led by an addition of 110,000sq m to the office market last year.
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