This article is from the Australian Property Journal archive
CHARTER Hall and Abacus have been given the go ahead to jointly develop a podium extension at 201 Elizabeth Street in the Sydney CBD.
Located on a prominent corner with frontages to Elizabeth, Park and Castlereagh Streets, the A-grade 38-storey modernist 1978-built office tower was purchased by Charter Hall Group (68%) and Abacus Group (32%) for $630 million in 2019.
The approval from the City of Sydney will enable the adaptive re-use of the existing tower, which will be retained and enhanced by a new 11-storey podium.
“At Charter Hall, we hold the unique capability to enhance existing properties, develop-to-core, retain and attract high-quality tenant customers while providing strong returns for our investors,” said David Harrison, managing director and group CEO at Charter Hall.
“Our development at 201 Elizabeth Street is the latest example of Charter Hall’s proven expertise in unlocking hidden value with innovation, sustainability, economic stimulation and human experience these are at the heart of everything we do.”
The development will include floorplates up to 1,900sqm and will add a further 8,600sqm of A-grade office space, bringing the gross floor area up to 48,800sqm.
Additionally, the reinvigoration works will include a landscaped urban terrace, state-of-the-art arrival and end-of-trip, as well as wellness facilities supported by a transformed southern courtyard.
The ground floor will also be revitalised, with approximately 900sqm of new retail space to activate Castlereagh and Park streets.
The new podium will target industry-leading sustainability targets and will include a high-performance façade with solar photovoltaic (PV) panels offering sun shading and on-site power generation.
201 Elizabeth Street will target a 5-star Green Star rating, 5-star NABERS Energy and 4-star NABERS Water ratings and Gold WELL Certification.
It will also be amongst the first developments to commit to meeting the City of Sydney’s target of f 25% energy reduction in new assets by 2023.
Sitting directly across from Hyde Park, the tower boasts excellent access to premium retail, dining, entertainment and transport precincts, such as the new Sydney Metro Pitt Street Station, which is slated to open in 2024.
“The endorsement of the City of Sydney to proceed with the adaptive re-use of 201 Elizabeth Street demonstrates the ongoing demand for high-quality office buildings in the city’s CBD,” said Carmel Hourigan, CEO at Charter Hall Office.
“We are witnessing – and responding to – an unprecedented flight-to-quality towards workplaces offering superior amenity, sustainability and wellness facilities that provide collaboration, cutting-edge technology, social interaction and human connection.”
