AMP Capital and Mirvac Group have welcomed the decision by the NSW Government to approve the concept plan for the development of 71-79 Macquarie Street, part of the iconic Circular Quay precinct.
AMP Capital Managing Director Office and Industrial Property Louise Mason said the approved concept plan will feature a world class residential building and luxury serviced apartment accommodation.
“This $300 million project will revitalise an important part of Circular Quay, significantly improving this landmark Sydney space for residents and visitors alike,” Ms Mason said.
“The development of 71-79 Macquarie Street will realise the original vision for the East Circular Quay precinct by completing the colonnade that extends along East Circular Quay from the Opera House.”
The plan for the development includes:
Extending the popular harbour-front colonnade right along East Circular Quay
Creating a new pedestrian walkway from Circular Quay to the Royal Botanic Gardens and Macquarie Street
Giving priority to pedestrians by removing vehicle traffic from the East Circular Quay promenade
Opening spaces for new shops and restaurants at ground level
The proposed 19-level building will be the same height as the current building (67 metres) on a land area of 1,200 square metres. This together with sensitive design features including tapering the corner of the building will protect views for neighbours.
A national design excellence competition to be conducted by the City of Sydney will ensure the project achieves design excellence and reflects the best in architecture, urban design, sustainability and renewed public space.
Five of Australia’s leading architectural firms have been selected to take part in the competition.
“This is the first step in an extensive design and planning process with the City of Sydney, during which we will consult neighbours and other stakeholders on aspects of the project. We want a world class building that enhances the public’s enjoyment of the area,” she said.
AMP Capital and Mirvac have worked closely with the NSW Government and City of Sydney to fulfil the original vision for Circular Quay.
Discussions were also held with residents and tenants of neighbouring apartment buildings in the preparation of the concept plan.
“As a long term resident of Circular Quay, AMP Capital believes projects like 71 Macquarie can provide a catalyst for revitalising the entire precinct and we look forward to a continuing dialogue with the NSW Government, the City of Sydney and the community of Circular Quay on this important project,” Ms Mason said.
About the National design excellence competition
AMP Capital and Mirvac have short-listed five leading and upcoming Australian architects who have been asked to come up with the creative thinking and design for this landmark building, through the design excellence competition. The concept plan contains a series of commitments, which will be conditioned in any approval, ensuring the project delivers a range of public benefits and protects the amenity of neighbours.
Once planning approvals are obtained, it is expected construction could commence in 2015. The commencement of the project is subject to market conditions and investor approval. It is anticipated demolition and construction works would take two years to complete.
About 71-79 Macquarie Street
The property comprises an older style 15-level commercial office building located on the south eastern corner of Circular Quay neighbouring the Cahill Expressway. The property was constructed circa 1966 and provides two levels of basement parking for 32 vehicles and retail and office accommodation of approximately 9,000 square metres, with floor plates averaging approximately 620 square metres.
The property was previously leased (since 1966) to Coca-Cola Amatil who vacated mid 2010. Since Coca-Cola Amatil vacated, the property has been re-let to a mix of whole floor and part floor tenants.
1 The price for all acquisitions and divestments is supported by independent valuations. This transaction will not have any material impact on AMP Limited’s financial position.