by 12 Oct 2022 | Hotel Projects, Projects
Australia’s ICD Property and Belingbak have been given the green light to redevelop an existing site in Sydney’s central business district into a mixed use tower containing a luxury hotel.
The developer and the real estate firm are teaming up to transform an existing three-storey commercial site into a 58-storey mixed use skyscraper called 372 Pitt.
The Central Sydney Planning Committee approved plans for the development, comprising approximately 297 hotel rooms, 30 exclusive residences, and complementary ground floor retail that will house a variety of food and beverage outlets, entertainment and public art offerings.
Belingbak amalgamated eight separate properties over 12 months to create the singular 1,300 sq m plot in Sydney’s technology precinct.
ICD Property and Belingbak employed architects Woods Bagot and consultant Urbis to undertake early design and planning works for the development opportunity, estimated to have an end value of approximately AUS$500 million.
The pair will soon commence a design competition for 372 Pitt, whereby five world-renowned architects will be invited to design and present their interpretations for the future building. Following this process, the winning architect will be officially appointed to the project team and take part in preparing the site’s Detailed Development Application which is targeted for submission in early 2023.
ICD Property CEO Matt Khoo said: “This is one of the most exciting stages of developing in Sydney. When we’re able to work with a variety of world-class architects, each with distinctly original philosophies and approaches to design. It is hugely rewarding to work in close quarters with each architect and eventually witness five vastly different potential outcomes for the site, endeavouring to find the perfect fit that balances our vision and the city’s needs.”
He continued: “We are extremely excited for 372 Pitt to act as a catalyst for the wider precinct, delivering quality architecture, urban activation, increased job opportunities, accommodation, and a successful streetscape retail offering that will improve foot traffic in the southern end of Sydney’s CBD.
“We envision a building that blurs the distinction between personal life and leisure. Especially for the 30 residences who will benefit from exclusive access to the hotel’s amenities and services, demonstrating the heights of luxury living immersed in convenience and connection.”
Belingbak founding director Jack Montgomery commented: “We have been gifted an opportunity to deliver a truly world-class, mixed-use building that elevates the standard of accommodation in Australia. As Sydney evolves on the global stage, so too will this building, providing an exemplar benchmark, a feeling of connection and a place loved by tourists and locals alike.”
372 Pitt marks ICD Property’s second Pitt Street development, following the redevelopment of Sydney’s iconic City Tattersalls Club which will transform the 125+ year old Club into a 50-storey mixed-use tower comprising a 101-room Hotel Indigo and 241-high end residences.
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