Another key property in Sydney’s financial heart is set for an overhaul, as Pembroke Real Estate prepares to spend $93 million redeveloping its 20 Martin Place tower, with a focus on sustainable design features.
The 40-year-old property will receive the upgrade, including a new facade, after anchor tenant ANZ Banking Gropup moves to new headquarters, the ANZ Tower at 242 Pitt Street, in 2013. But the bank is likely to return to the Martin Place tower after it is renovated, as a retail tenant.
Boston-based Pembroke snapped up the property from ANZ for about $95 million in October 2011.
The new owner, which is working with Charter Hall group on the project, plans to upgrade the property’s sustainability credentials, taking it from its current 1-Star NABERS Energy Rating to a 5-star Green Star as built rating and 5-star NABERS energy rating.
New York’s James Carpenter Design Associates and Australia’s Crone Partners and Six Degrees Architects have all worked on the tower’s design.
Martin Place is set to transform in the coming year, with nearby 5 Martin Place, known as the money box building, undergoing a $450 million redevelopment, after Commonwealth Bank of Australia moved out.
Lawyers Ashurst are tipped to anchor the building, owned by Commonwealth Property Office Fund and superannuation fund Cbus.
QIC Global Real Estate is set to spend $20 million overhauling 52 Martin Place and Macquarie Group will upgrade its new headquarters at 48 Martin Place.
A report lodged with the City of Sydney Council to support the 20 Martin Place redevelopment said the building’s poor sustainability limited its ability “to attract long-term commercial tenants commensurate with the historic reputation of Martin Place as a centre of commercial activity”.
The higher energy efficiency rating will be achieved through an upgraded, environmentally responsive facade, the greening of a lower level roof terrace, improved workspaces and floor plates and 100 bike parking spaces, with accompanying shower and change facilities.
On completion, the building will have 20,673 square metres of floor space across 22 storeys. The tower will also have improved retail tenancies fronting Martin Place and Hosking Place.
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