The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
URBANITY-25 FIRST RELEASE TICKETS ON SALE LIMITED AVAILABILITY
URBANITY-25 FIRST RELEASE TICKETS ON SALE LIMITED AVAILABILITY
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OfficeTaryn ParisThu 14 Nov 24

‘Transformational’ Podium Revamp Greenlit for Sydney Tower

It was one of the biggest office transactions of 2023, and now the tower at 60 Margaret Street has been approved for a podium redevelopment. 

AsheMorgan and MEC Global Partners Asia, a subsidiary of Mitsubishi, have won approval to breathe new life into the property after acquiring the 36-storey tower for $779 million just over a year ago from Blackstone and Mirvac. 

City of Sydney Council has approved plans for a Grimshaw-designed contemporary podium that will create more than 2000sq m of new flagship retail, that will reinforce George Street as a premier retail spine through the city. 

The approved scheme allows for the demolition of part of the existing podium, including retail facades, lobby and the existing plaza alongside Margaret Street. 

The tower’s food court will be upgraded, along with a new three-storey lobby that will service the office occupants, as well as the additional 5200sq m of premium office space being created within the podium.

The scheme would also include a new public piazza opposite Wynard Park, an upgraded laneway link between Margaret and Jamison Streets and an enhanced connection to Wynyard Station.

AsheMorgan principal Alton Abrahams said it was a “once-in-a-generation opportunity” to regenerate the asset in line with the City of Sydney’s vision for George Street. 

null
▲ The redevelopment of the podium is in line with the joint venture's brown-to-green strategy.

Abrahams said it also would complement the nearby Wynyard Station and the new Hunter Street Metro West station. 

MEC Global Partners Asia head of Australia Luke Tarrant said the building would be improved to achieve a 5.5-star NABERS energy rating (it currently has a 4.5-star NABERS rating), which reflected the brown-to-green strategy being promoted by the joint venture partners. 

“This development will make an important environmental contribution by allowing the embedded carbon in the 40,000sq m tower to be retained, revitalising the building for decades to come,” Tarrant said. 

MEC Global Partners Asia is an investment management platform for Japan’s largest real estate developer Mitsubishi Estate.

Mitsubishi Estate has more than $100 billion in assets under management across 31 countries. 

According to King & Wood Mallesons, which advised on the deal last year, it was the first time a large-scale, value-added fund was established by a Japanese real estate company in Australia. 

OfficeSydneyDevelopmentApprovedProject
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
High-density residential construction in Melbourne
Exclusive

Stabilising Conditions in Melbourne Bring Hopes of Improved Feasibility

Leon Della Bosca
6 Min
QBCC project trust accounts hero
Exclusive

Developers Warned as Commission Cracks Down on Subbie Pay Scheme

Clare Burnett
7 Min
Urban Infill site at Tonsley SA
Exclusive

SA Grapples with ‘Development Killer’ Carparking Law Changes

Leon Della Bosca
7 Min
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
Fraser and Partners founder Callum Fraser
Exclusive

Saving Our CBDs: Architect’s Blueprint Paves Way for Office-to-Resi that Works

Leon Della Bosca
8 Min
View All >
TZ Architects' render of the StoreLocal self storage facility at 50 Railway Street, West Perth in Western Australia.
Industrial

StoreLocal Unpacks West Perth Self-Storage Scheme

Marisa Wikramanayake AND Renee McKeown
The underpass site in Southbank that the City of Melbourne plans to turn into a community park.
Community

Melbourne Moves Ahead on Overpass-to-Park Plan

Marisa Wikramanayake
It was for a 2809sq m project next to Bunnings Gregory Hills at 38-44 Lasso Road owned by Anric.
Retail

Anric Greenlit for Sydney Suburban Hospitality Hub

Renee McKeown
A seven-storey commercial building with a rooftop pool has won approval in “Australia’s fastest growing local government…
LATEST
TZ Architects' render of the StoreLocal self storage facility at 50 Railway Street, West Perth in Western Australia.
Industrial

StoreLocal Unpacks West Perth Self-Storage Scheme

Marisa Wikramanayake AND Renee McKeown
2 Min
The underpass site in Southbank that the City of Melbourne plans to turn into a community park.
Community

Melbourne Moves Ahead on Overpass-to-Park Plan

Marisa Wikramanayake
3 Min
It was for a 2809sq m project next to Bunnings Gregory Hills at 38-44 Lasso Road owned by Anric.
Retail

Anric Greenlit for Sydney Suburban Hospitality Hub

Renee McKeown
2 Min
The North Harbour marina will go ahead following the announcement of the PDA.
Planning

Burpengary East PDA to Unlock Homes, Marina

Taryn Paris
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/podium-revamp-greenlit-for-sydney-60-margaret-ashemorgan-mitsubishi