$450m tower proposed for Pitt Street redevelopment

$450m tower proposed for Pitt Street redevelopment

372 Pitt Street (render provided).

A 56-storey tower has been proposed for the site of an existing three-storey commercial building at 372 Pitt Street in Sydney, with developers Belingbak and ICD Property estimating the project is valued at around $450 million.

Announced this week, the two developers have submitted a ‘concept development application’ (DA) to the City of Sydney for the redevelopment of 372 Pitt, with the final build to include 304 hotel rooms, 28 residences and ground floor retail.

The proposed project is certainly a rare opportunity for the Sydney CBD, and was made possible after Belingbak amalgamated seven properties over the course of a year to create the singular 1,140sqm site.

Founded by Jack Montgomery, Robert McLean and Matthew Rawlinson, Belingbak is a fresh face in Australia’s development industry, and has recently transacted on a number of projects across Sydney, Byron Bay and Perth.

“We are great believers in Sydney and its position on a global stage and are thrilled to help shape the city in which we love,” Montgomery said.

“We take great pride in assembling a world class team to deliver a truly audacious, technology minded, and customer centric product.

“Alongside our partners ICD Property, we will look to reinvigorate the landscape of Sydney’s CBD and share the stage within the globally connected precinct of Tech Central.”

The tower’s plans have been devised by architects Woods Bagot, with town planning undertaken by Urbis.

For ICD Property, the successful acquisition of 372 Pitt puts the developer in an enviable position, with two developments now active on the busy Pitt Street precinct - considered a hub of food, shopping and entertainment in the Sydney CBD.

The other ICD site is the City Tattersalls Club redevelopment which received DA approval in November 2021 for major club upgrades and a new 50-storey mixed-use tower comprising a 101-room hotel and 241 high end residences.

“It is a very rare thing to have two equally exciting developments on one of Australia’s most iconic streets. Normally, this kind of development at 372 Pitt wouldn’t even exist. That’s how rare this opportunity is,” ICD Property managing director Matt Khoo said.

“It’s been made possible by our partners Belingbak who amalgamated seven different titles on Pitt Street to combine into one. Their vision married with ICD’s extensive development knowledge of Sydney complement one another perfectly and I’m confident will result in a truly outstanding development for the city, its users, and surrounding neighbourhood.

“I am excited for ICD Property’s future with these two Sydney projects.”

If the DA for 372 Pitt is approved, ICD says a design competition will commence whereby a minimum of five architects will be invited to present their interpretations for the site’s future.

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