Commercial property developer Quintessential plans to revamp the podium of a Sydney office building it bought last year.
It has now applied to the City of Sydney Council to redevelop the seven-storey base of the 18-storey asset 1 Margaret Street, which it acquired for $293 million from Dexus last year.
The proposal comes as the number of projects filed to upgrade commercial spaces grows thanks to the well-publicised flight to quality in the sector with premium offices weathering the commercial headwinds best.
It is the second podium upgrade on the street—AsheMorgan and MEC Global Partners Asia have been greenlit for their 60 Margaret Street upgrade after filing plans for a revamp earlier this year.
Under the Quintessential proposal, the existing podium would be demolished, with new food and drink tenancies on the ground floor part of the plans.
New landscaped terraces adjoining the ground floor and levels 3 and 4 would be added, as well as an upgrade to the facade featuring new materials and awnings.
Pedestrian through-site links between Kent and Clarence streets would be refreshed.
The $65-million proposal would add about 4200sq m of gross floor area to the building, bringing total office capacity to 25,000sq m, according to Quintessential.
The plans for a new podium, which would be to the south of the existing building, were prepared by Ethos Urban and designed by Blight Rayner Architects, while Buildcorp would be the builder.
“This addition is part of our long-term strategy to enhance and modernise this site, which was last upgraded in 2001,” a Quintessential spokesperson told The Urban Developer.
It will be a fully electrified building on completion, they said, reducing construction waste and carbon emissions through the reuse of the existing structure and retaining major building elements, as it looks to “maintain or exceed” the building’s current 5.5 Star NABERS energy rating.
Quintessential has been eyeing office assets that hold upgrade potential this year with a focus on Brisbane—it acquired the A-grade office at 240 Queen Street earlier this year for $250 million.
