Real Estate

AMP Capital submits Stage 2 DA to revitalise Sydney’s first skyscraper, 33 Alfred Street

By AMP Capital media team

AMP Capital has submitted the Development Application (DA) to revitalise Sydney’s first skyscraper, 33 Alfred Street, with the sensitive renewal of the building’s façades, increased activation of the street level frontages and an upgrade of the building’s services and interior.

Pending necessary approvals, construction is earmarked to start once nearby Quay Quarter Tower is completed in 2020.

The Stage 2 DA lodgement follows two years of consultation with the City of Sydney and the New South Wales Government and proposes a major fit out and upgrade of the 55-year-old building while respecting its important heritage characteristics.

According to Louise Mason, Chief Operating Officer, Real Estate for AMP Capital: “We are excited to be lodging our plan for this re-development.  While it is still some time away, the work will breathe new life into this office tower whilst paying tribute to its history, heritage and place at Sydney’s global gateway.

“The building’s unique place in history and its distinctive design make 33 Alfred Street an important part of Sydney’s and Australia’s cityscapes. Along with being Australia’s first skyscraper, the building was cutting edge in its time, incorporating many other ‘firsts’ and innovations in its design. The proposed redevelopment will restore the building to its rightful status as a premium-grade office tower in keeping with this history, and its prominent place at Circular Quay.”

The building has local heritage listing. The proposed work will reinstate lost building features while refurbishing internal spaces and significantly improving the environmental performance of the building to bring it in line with premium commercial office standards.

Ms Mason added: “33 Alfred Street was developed by AMP 55 years ago.  We are committed to leading the way and ensuring the project is an exemplar of sensitive and sustainable renewal.”

“We’re not proposing to fundamentally alter its structure or create any additional floor space. We will carry out a major interior refurbishment and upgrade of the building’s services, including a complete modernisation of the tower façade, to enhance the internal amenities while respecting and reinstating the key character elements of the original building façade”.

AMP Capital has appointed architect JPW for the project.

33 Alfred Street is jointly owned by investors in the AMP Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund.

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Important notes

This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.

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