This article is from the Australian Property Journal archive
ISPT is undertaking its third major office retrofit, with a $170 million investment into a property it looked to offload last year, in 270 Pitt Street.
270 Pitt Street in the Sydney CBD will end the retrofitting program in mid-2025 as an A-grade 25-storey office tower, delivering 22,660sqm of office space and floorplates up to 984sqm.
The nature of the retrofitting will see the building retain its internal structure and existing façade.
The move to reposition existing assets falls in line with ISPT’s commitment to its ESG standards, having spent $460 million across the three assets in favour of demolishing and redeveloping.
“With the building set further back from the street, the development team identified an opportunity to redefine the ground-floor retail – by reshaping the ground floor and a creating stronger retail footprint, 270 Pitt Street will benefit from increased footfall while providing a more engaging experience for passers-by,” said Amanda Steele, head of property at ISPT.
In retrofitting 270 Pitt Street, Cox Architects have been appointed to deliver a redesigned ground floor public realm, activated by a new café and bar, business lounge, seminar room and an enhanced pedestrian link.
“We explored several potential uses for 270 Pitt Street, but given our proven track record in successfully refurbishing commercial assets into market-leading offices and the fact that the most sustainable building is one that already exists, we decided to invest in revitalising this strategically located asset,” added Steele.
One of those potential outcomes for the asset was divestment, with 270 Pitt Street listed via CBRE and Knight Frank last October when ISPT was looking for a strategic shift away from office and retail and towards health and life sciences.
270 Pitt Street will target a 5-Star Green Star rating, 5.5 Star NABERS Energy, 4.5 Star NABERS Water and will be fully electric and net zero in operation.
Sustainability will be further aided through the sites immediate proximity to the new Sydney Metro Station, cutting back the need for a car-based commute.
And this in turn will be complemented by a new end-of-trip facility at ground and level one of the building.
Additionally, ISPT has again committed to re-use office furniture, including around 1400 sit to stand workstations and chairs that will be re-used throughout the building and other ISPT properties.
While ISPT and construction partner Built organised the reuse or recycling of other items, such as tables, chairs, couches, fridges and microwaves via not-for-profit outfit ReLove which provides funding, furniture and support to victims of domestic violence.
ISPT has previously undertaken similar programs at 77 Pitt Street, Sydney and 500 Bourke Street, Melbourne, where upwards of 57,000 tonnes of embodied carbon were saved, which is the equivalent of the annual carbon output of 2,400 typical Australian homes.
“Retrofitting 270 Pitt Street will allow us to unlock the full value of the site, while adding more A-grade commercial floorspace to the sought-after inner city office market,” concluded Steele.
