ISPT commences third major office retrofit, announces $170 million investment to transform 270 Pitt Street, Sydney

Leading fund manager ISPT is further demonstrating its commitment to delivering market-leading refurbished assets by unveiling plans for its third major repositioning of an existing asset in as many years at 270 Pitt Street, Sydney.

Set to culminate in an A-grade 25 storey office tower once complete in mid-2025, the $170 million investment into reimagining 270 Pitt Street will deliver 22,660 sqm of office space, providing efficient floorplates up to 984sqm, all while retaining the building’s internal structure and existing façade.

ISPT is increasingly investing in repositioning existing assets as part of its commitment to ESG. Other major recent refurbishments include 477 Pitt Street, Sydney and 500 Bourke Street, Melbourne, saving upwards of 57,000 tonnes of embodied carbon. ISPT has now invested over $460 million across the three assets, instead of demolishing and re-developing, to transform them into A-grade commercial buildings.

Part of the retrofit at 270 Pitt Street will include a redesigned ground floor public realm featuring a new cafe and bar, business lounge, seminar room and a stronger pedestrian link at street level, creating a warm and welcoming entry statement. Cox Architects has been appointed as lead architect on the ground-floor realm and retail spaces.

Maintaining a key focus on ESG, backed by ISPT’s Flag on the Hill Targets, 270 Pitt Street will target a 5-Star Green Star rating, 5.5 Star NABERS Energy, 4.5 Star NABERS Water and will be fully electric and net zero in operation.

Also adding to the sustainability credentials is the immediate proximity to the new Sydney Metro station providing convenience for the workforce and visitors while reducing the reliance on cars. This will be further complemented by a new end-of-trip facility located at ground and level one of the building, featuring all the amenity expected for a market leading facility.

ISPT will again commit to a sustainability-led focus on re-use of office furniture, which includes approximately 1400 sit to stand workstations and chairs that will be re-used throughout the building and other ISPT properties. ISPT and construction partner Built have also coordinated the reuse or recycling of other items. This includes tables, chairs, couches, fridges and microwaves which remained within the building, via not-for-profit outfit ReLove which provides funding, furniture and support to victims of domestic violence.

ISPT will incorporate a range of speculative suites of varying sizes as part of the main upgrade works at 270 Pitt Street. These suites will be spread throughout the building and are expected to be completed by the end of the year.

Amanda Steele, Head of Property, ISPT, comments:

“We explored several potential uses for 270 Pitt Street, but given our proven track record in successfully refurbishing commercial assets into market-leading offices and the fact that the most sustainable building is one that already exists, we decided to invest in revitalising this strategically located asset.

“With the building set further back from the street, the development team identified an opportunity to redefine the ground-floor retail – by reshaping the ground floor and a creating stronger retail footprint, 270 Pitt Street will benefit from increased footfall while providing a more engaging experience for passers-by.

“Retrofitting 270 Pitt Street will allow us to unlock the full value of the site, while adding more A-grade commercial floorspace to the sought-after inner city office market.”

Discover more at 270pitt.com.au

For further information please contact:

Nicole Grove
General Manager, Communications
E: ngrove@ispt.com.au
M: 0427 916 166

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