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Sydney CBD retail redevelopment approved

363GeoSt_retailISPT’s $75 million redevelopment of its properties at Martin Place in Sydney’s CBD has been given the go-ahead by The Sydney City of Sydney Council.

The property firm has this week gained approval for the major redevelopment and revitalisation of its adjacent buildings at 345 and 363 George Street, and 24 York Street, to create a new precinct with a major centralised lobby and new luxury high street retail destination in the heart of the CBD.

New luxury flagship retailers will interface with George Street and bookend Martin Place encompasses the office towers at 345 and 363 George Street as well as the heritage-listed 24 York Street and will incorporate new facades, entries and awnings to enhance George Street’s evolving pedestrian experience and light rail transformation.

ISPT acquired the three adjacent A Grade commercial office towers in September 2006 and following an extensive customer engagement and workshop program, embarked on repositioning and combining the office buildings with approximately 3000sqm of luxury high street retail to create a new precinct.

“Our ownership of these three adjacent buildings creates a unique opportunity in the absolute heart of the Sydney CBD,” said ISPT core fund manager, Mark Bassett. “We specialise in creating places that work, and we plan to deliver a progressive, engaging experience for retail customers which will also complement and unify the A Grade office accommodation and amenity for our commercial customers.

“The redevelopment will seamlessly integrate a new centralised super lobby to service the commercial component, while retail on the ground floor, level one and two will deliver strong brand presence at a very prominent high street address on the corner of Barrack and George Streets.

“More than just a new luxury retail destination, this project will showcase international design trends to become a statement piece that will link, respond and add to the streetscape. As a place it will work to not only enrich the character and amenity of this CBD heartland, it will also operate as a community in its own right,” he said.

ISPT is the owner and development manager and is working with Colliers International to coordinate the retail leasing for the project, while architects FKAM has applied its international design expertise, including the imagining of a modern stone and glass facade.

The NSW Government is currently engaged in an extensive program of infrastructure works across the Sydney city, particularly the ‘pedestrianisation’ of George Street.

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