Investa Office Fund ("IOF") announced today that it has secured its Stage 2 DA through the City of Sydney Council and has been awarded the full floor space radio bonus for design excellence for the redevelopment of 151 Clarence Street, Sydney ("Barrack Place").
The existing ~16,000 sqm B-grade building, will be demolished in March 2016 to make way for a new A-grade, 18 storey, ~22,000 sqm building designed to achieve a 5-star Green Star and a 5-star NABERS Energy rating. Already 28% pre-committed to Arup, Investa is actively managing the leasing campaign with a number of professional services firms seeking contiguous space in the building.
IOF will deliver a new building which achieves a high level of internal amenity, and enhances the productivity and enjoyment for its occupants and visitors. The design by Architectus will provide a striking new building for the city skyline and lends itself to the revitalisation occurring in this traditional ‘warehouse’ district of the CBD.
Mark Tait, General Manager Commercial Development, Investa Office said: "Architectus have designed a world class office solution that seamlessly marries the old and the new to allow the building to take its place in the Clarence Street warehouse district, whilst integrating a contemporary tower above.
Barrack Place will significantly enhance the civic amenity of the area, with an innovative, high quality and respectful architectural solution, delivering a new class of A-Grade office space. The retail offering and through-site access will significantly contribute to the transformation of the Barrack Street end of Martin Place, creating a new public destination for Sydney.
Investa is also excited to be working with Arup to collaboratively deliver their state of the art Sydney headquarters."
Barrack Place is strategically located in the heart of the Sydney CBD and links the traditional core with the western corridor. The two storey office foyer is positioned with spectacular views down Barrack Street to George Street and the clock tower of the GPO. Major public transport nodes at Wynyard, Town Hall and Martin Place are located nearby, and the Kent Street entry will capture the cycling enthusiast with direct off-street access to end-of-trip facilities, including approximately 190 bike spaces with state-of-the-art shower and change facilities.
The podium floors (pre-committed by Arup) on levels 2 – 6, have floor plates of approximately 1,400 sqm NLA, with lift core, amenities and services risers located on the southern boundary to maximise open, contiguous space and enjoy good access to natural light.
The tower floors on levels 9 – 18 will have access to excellent views and have been designed to deliver the best possible commercial floor plate, with approximately 1,200 sqm NLA. The transfer floor at Level 7 has the same footprint as the tower floors above and is located at the top of the podium with access to a generous roof terrace overlooking Clarence Street.
The public domain experience is an integral part of the scheme with the vision for the retail precinct to surpass expectations of tenants and visitors by securing an eclectic mix of top quality food and beverage operators.
Ming Long, Group Executive and IOF Fund Manager said: "This development continues our focus on leveraging the integrated Investa platform to create value and drive performance for IOF unitholders.
Barrack Place is on track to deliver to current and future office space occupiers design flexibility, and price-point appeal on the cusp of Martin Place."