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60 Margaret Street, Sydney: Podium Redevelopment Approval
A transformational scheme to redevelop 60 Margaret Street in the centre of the Sydney CBD has been approved by the City of Sydney Council.
Following their purchase just over a year ago, AsheMorgan and MEC Global Partners Asia have been working through a solution to breathe new life into the property.
The high-quality architectural solution will create a contemporary podium that reinforces the public realm streetscape improvements being undertaken by the City.
Over 2,000m2 of new flagship retail will be created, reinforcing the George Street retail spine and bringing new retailers to the precinct. The existing food court will be upgraded and specialty shops will be remixed to ensure a sustainable footing for the 7,000m2 of retail within the property.
A new 3-storey lobby is being created for the office tower and will also service the 5,200m2 of new premium office space within the new podium.
The precinct will feature a welcoming public realm focused on wellness and amenity, designed to complement the upgraded George Street. The scheme will 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 “the scheme offers a once in a generation opportunity to comprehensively regenerate the property that supports the City of Sydney’s vision for George Street and complements nearby investment in Wynard Station and the new Hunter Street Metro West Station”.
MEC Global Partners Asia Head of Australia, Luke Tarrant, said “this development will make an important environmental contribution by allowing the embedded carbon in the 40,000m2 tower to be retained, revitalising the building for decades to come”.
Upgrades to existing lift and mechanical systems accompanying the redevelopment are expected to improve the building to a 5.5 star NABERS energy rating (currently 4.5 stars), reflecting a brown-to-green strategy being championed by the development partners.