Projects

One Margaret Street

Location

Sydney, NSW

Size

20,753sqm

PURCHASE Date

September 2023

Sold

Completed

Now Leasing

One Margaret Street is a prominent prime-grade asset situated on one of Sydney CBD’s most active corners. Situated in a gateway location linking Sydney’s Core to Barangaroo, the building benefits from substantial surrounding amenity and an abundance of neighbouring transport options. Spread across 18 levels the property offers maximum flexibility, with central-core floorplates of 1,150 sqm coupled with abundant natural light and views of Sydney Harbour.

The 2,647 sqm corner site with triple street frontages offers significant flexibility and development opportunity. Assets of this calibre are extremely rare, with prime grade 100% freehold interests in the Sydney CBD on average trading less than once per year.

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There has been considerable recent activity as we prepare to take ownership of the property and commence the asset’s repositioning program. A summary of the activities completed to date include:

• Architectural plans and drawings prepared for the proposed podium to the Clarence Street frontage

• Building and Quantity Surveyor cost plan and programmes for the proposed works

• Preparation of leasing materials and information memorandums to relaunch the Property as a modernised and iconic asset with state-of-the-art amenity;

We look forward to updating investors with further activities as we progress the asset strategy

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Strategy

Over the next four years, the asset will undergo a multi-staged repositioning strategy that will include:

• Renewal and re-leasing of upper-floor tenants (levels 12-18);

• Development of a new five level podium on the Clarence Street frontage that will add 3,231m² of new NLA;

• Regenerate the existing tower and re-lease the lower floors (levels 1-11) post major tenant expiries in June 2025

Following delivery of the strategy, the property will comprise a fully regenerated, trophy asset situated to a prominent corner within Australia’s major international city.

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