Quintessential Slashes Reno Plans for Sydney’s 1 Margaret St

Plans for a podium makeover at Quintessential’s 1 Margaret Street in Sydney have been slashed yet again under plans that cut the cost to $31.3 million

A fresh development application has been filed for the 18-storey tower on a 2647sq m site in the CBD. Quintessential acquired the asset in 2023 from Dexus for $293 million, a 16 per cent discount to book value.

A $90-million renovation for the building was announced soon after, which was followed by a 2024 plan for a $65-million rework of the podium.

The latest application, on exhibition until November 26, calls for the demolition of all ground-floor structures and construction of a new public plaza, tenancies, lobby and a secondary entrance.

New stair and ramp access between Clarence Street and the Wynyard underpass are planned, as well as a $100,000 stone finish to the concierge desk, a $250,000 espresso bar, $150,000 on lighting the ground-floor soffit and $180,000 to replace the main revolving door. 

Built in 1981, the building underwent a major renovation in 2002 by Rice Daubney, which created a circular lobby. Quintessential’s application argues that renovation reduced retail frontage, “creating a large, unactivated plaza to Clarence Street” and a “large, unactivated terrace” to the north.

However, no mention is made of earlier plans to renovate or reactivate other floors in the tower.

▲ Existing ground plane structures will be demolished to allow a more inviting and easily-navigated space, according to the application.

The application references podium remakes in the area as examples to follow, including casting an eye up the road at a renovation under way at 60 Margaret Street. That project, approved in November 2024, was proposed by owners AsheMorgan and MEC Global Partners Asia (a subsidiary of Mitsubishi).

It also points to the 388 George Street podium upgrade in 2021 by Brookfield and Investa, where the five-storey freestanding complex is anchored by Cartier as a ground-floor retail tenant.

While offices have suffered in post-Covid years, recent data from MSCI suggests the bottom may have been reached, with tentative signs of recovery during the past quarter.

Commercial regeneration specialist Quintessential has been active in transactions in 2025, trading out of a Port Adelaide play to Centuria for $216 million in August.

The property developer and fund manager also spent $250 million in July, buying a prime office tower at 240 Queen Street in Brisbane from Brookfield.

A 12-storey office asset at 515 St Paul’s Terrace in Brisbane was another buy in October, with $175 million changing hands at a discount of 53 per cent.