Tall & Urban News

ASX-listed developer Mirvac has resubmitted plans for its AUD$1 billion-(US$652 million-) plus premium office tower at 55 Pitt Street in the Sydney CBD.

The Circular Quay tower, originally billed to provide up to 45,000 square meters of commercial space, will now grow considerably to deliver approximately 60,000 square meters of commercial and retail space.

Subject to the approval of the City of Sydney, Mirvac said it will launch an international design competition for the landmark site, set to “provide a vibrant, new destination for Sydney."

Portions of the site, which spans three addresses with frontages to Pitt, Underwood and Dalley Streets, have been held by Mirvac since as early as 2003.

The tower, if realized, will also create new links between streets, ties with the city’s revitalised public transport, public art works and, potentially, space for technology groups.

Mirvac pointed to the successful delivery of its neighboring 37-story EY Centre at 200 George Street in 2016, which has since collected over 20 global and national industry awards for its achievements across design, sustainability, construction and innovation.

“We look forward to working with council and the community to reimagine this site in a way that will bring real benefits to the city and its community,” a said a Mirvac spokesperson.

Circular Quay, which remains the tightly-held heart of Sydney's financial district, has been rapidly transforming of late, with the 53-story Salesforce Tower, set to be Sydney’s tallest office building, on track for a 2022 completion.

Nearby, Poly Australia also recently broke ground on its flagship commercial development, the AUD$500 million (US$326 million) Poly Centre, located at 210 George Street.

Mirvac, which was one of the first companies to scrap its earnings guidance as coronavirus headwinds picked up, last year made 58 percent of operating EBIT earnings from office and industrial assets.

The company’s executives have since taken a 20 percent pay cut this quarter, while staff took 10 to 20 percent but with access to holiday as well as alternate leave to minimize the pain.

The developer is also looking to take advantage of the current climate with plans to roll out its first build-to-rent apartments in Sydney shortly.

In Brisbane, Mirvac recently moved ahead with plans for the fourth tower in its 14,000-square-meter residential Waterfront Newstead precinct.

The 25-story tower, set to include 143 apartments, will be located at 58 Skyring Terrace, within the developer's $1 billion Newstead masterplan on the fringe of the CBD.

For more on this story, go to The Urban Developer.