Dexus, Lendlease lodge plans for Sydney office towers to be among Australia’s tallest structures
The planned Dexus building at Pitt and Bridge street.
The country will get two of its tallest buildings as big companies pull out all the stops to try to entice workers back to their desks by moving in to new-style hi-tech office towers.
Two property companies, Dexus and Lendlease, have lodged initial plans for new skyscrapers in the heart of Sydney’s central business district that will both top 300m when they are completed.
The buildings are not likely to get under way until the values of existing office buildings stabilise and soaring construction costs are brought under control but they will reshape the city skyline alongside new projects such as the wave of super luxury apartments around Circular Quay.
The office developers are capitalising on planning rules that allow for large sites to be assembled for super towers in order to bolster office space in the city. While the new buildings are not likely to rise before 2030, they will be among the country’s tallest structures, rivalling the apartment towers on the Gold Coast and in Melbourne.
The companies are betting that the split in the office market between the very top projects and lower grade offices will grow more pronounced and companies will seek out the best spaces for their workers.
The move also shows Sydney is still looking to retain its gateway status at a time when Melbourne has relatively few projects on the go and as some developers are focused on Brisbane, which has a raft of projects partly based on the bump from the Olympics.
The Dexus plan covers most of a block at Pitt and Bridge streets and would result in a skyscraper with a maximum height of 310m and 70 storeys.
Lendlease and its Middle Eastern fund partner are proposing a 309.2m building with 72 storeys on a block on O’Connell St.
The buildings will reshape the Sydney skyline.
The Dexus scheme is aimed at companies in green finance, energy, infrastructure, development, tech and professional services. The tower, to be known as Pitt & Bridge, is aimed at signalling to the world Sydney’s position as Australia’s global city and provide an anchor to the green economy.
The multi-billion dollar project is in the company’s uncommitted pipeline and still needs to get through years of planning and win tenants.
“An early stage rezoning approval precedes a formal development application, providing Dexus with optionality to activate a next generation development located in the core of the Sydney CBD in the next cycle,” a Dexus spokesman said.
Lendlease’s planned O’Connell St site.
Lendlease’s main property fund and Middle Eastern investor ADIA are separately undertaking the O’Connell Precinct, bounded by O’Connell, Bent and Spring streets. It will also include the existing 1 O’Connell Street tower and conserve and adapt the historic 19-21 O’Connell St.
“The proposal for the O’Connell Precinct represents a significant opportunity to unlock a key site within the CBD of Sydney,” a Lendlease spokeswoman said.
Urban Taskforce Australia CEO Tom Forrest called out the need for more tall towers.
“Sydney’s CBD has been constrained by long outdated reference … to the height of Centrepoint tower,” he said. “It’s time to shed the height restriction shackles and for Sydney to embrace the ”wow factor” that comes from well designed tall buildings.”
Property Council of Australia NSW deputy executive director Anita Hugo has backed the skyscraper plans.
