ICD, First Sponsor Choose $400m Construction Contract

Developer ICD Property has teamed up with First Sponsor to choose a construction firm at a cost of $400 million to deliver their City Tattersalls Club project in Sydney. 

Sydney-based Richard Crookes Constructions was chosen to redevelop the more than 125-year-old building at 194-204 Pitt Street.

The Central Sydney Planning Committee granted development consent for the 50-storey project in November 2021.

Plans designed by fjmt and BVN Architecture include significant upgrades to the heritage-listed ground floor with the tower above it hosting 241 luxury apartments and a 110-room hotel.

Amenities such as several multipurpose rooms, private dining lounges and an outdoor deck and a rooftop terrace are part of the plans. 

Richard Crookes Constructions managing director Jamie Crookes said that the project was expected to create more than 1600 jobs during the construction phase alone.

▲ fjmt and BVN Architecture’s render of the 50-storey tower planned for the City Tattersalls Club project on Sydney's Pitt Street.

ICD Property chief executive Matt Khoo said it was Richard Crookes’ proven ability to deliver similar projects that won them the bid.

“Richard Crookes’ robust standing within Sydney’s construction landscape coupled with their proven track record of delivering award-winning, luxury residential and mixed-use projects make them a perfect fit to deliver this unique project,” Khoo said.

The construction firm is working on Sydney’s Sirius apartments and completed the Opera Residences in 2021, which recently received an honourable mention at the Chicago Athenaeum’s 2022 International Architecture Awards. 

Singapore-based First Sponsor formed the consortium with ICD Property in 2019, with its role being two-fold as equity partner and sole financier.

First Sponsor’s group chief executive, Neo Teck Pheng, said the project was still a strong prospect despite the current economic conditions. 

“The City Tattersalls Club redevelopment has advanced from strength to strength despite market conditions,” Pheng said.

“Located directly in the heart of Pitt Street, only moments away from Westfield’s entertainment, dining, and shopping precinct, as well as the calming sanctuary of Hyde Park, these residences will offer it all—connection, amenities, location, uninterrupted water views.”

ICD Property recently pulled out of its skyscraper project in Auckland, New Zealand, citing the need to focus on projects in Australia.