ISPT investing $170m to revamp 270 Pitt St in Sydney

ISPT investing $170m to revamp 270 Pitt St in Sydney

A B-Grade, 25-storey office tower on Pitt Street in the heart of Sydney is set for a $170 million upgrade as fund manager ISPT repositions its third existing asset in as many years as part of plans to make its properties more environmentally friendly and socially responsible.

The renovation of 270 Pitt Street is due for completion in mid-2025, converting the tower built in 1991 into a rejuvenated A-Grade asset with 2,660 square metres of office space, as well as a retrofit of the ground floor with a new cafe and bar, business lounge, and seminar room.

The fund manager has appointed Cox Architects as lead architect on the revamped ground floor and retail spaces, and the existing internal structure and façade will be retained. 

ISPT is aiming for a 5-Star Green Star rating, 5.5 Star NABERS (National Australian Built Environment Rating System) Energy and 4.5 Star NABERS Water, and will be fully electric and net zero in operation.

These sustainability targets align with the nature of other recent refurbishments undertaken by the fund manager down the road at 477 Pitt Street and at 500 Bourke Street, Melbourne, which it claims have saved upwards of 57,000 tonnes of embodied carbon combined.

ISPT emphasises that rather than demolishing and rebuilding these assets, it is transforming them through a total investment of $460 million.

It is extending the spirit of sustainability to the office furniture as well with around 1,400 sit-to-stand workstations and chairs that will be reused throughout the building and other ISPT properties.

ISPT and its construction partner Built have also coordinated the reuse or recycling of other items, including tables, chairs, sofas, fridges and microwaves which remained within the building, via not-for-profit ReLove which provides funding, furniture and support to victims of domestic violence.

"We explored several potential uses for 270 Pitt Street, but given our proven track record in successfully refurbishing commercial assets into market-leading offices and the fact that the most sustainable building is one that already exists, we decided to invest in revitalising this strategically located asset," says ISPT head of property, Amanda Steele.

"With the building set further back from the street, the development team identified an opportunity to redefine the ground-floor retail – by reshaping the ground floor and a creating stronger retail footprint, 270 Pitt Street will benefit from increased footfall while providing a more engaging experience for passers-by.

"Retrofitting 270 Pitt Street will allow us to unlock the full value of the site, while adding more A-grade commercial floorspace to the sought-after inner city office market."

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