ICD and Belingbak Obtain Approval for $500M Pitt St Tower

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Belingbak and Melbourne-based developer ICD Property have secured approval to transform an existing three-storey retail site in Sydney’s CBD into a 58-storey tower comprising 297 hotel rooms, 30 exclusive residences and retail space. retail and entertainment on the ground floor.

On September 15, the Sydney Central Planning Committee approved the proposed A$500 million tower, located at 372 – 382A Pitt Street (372 Pitt), following the submission of a DA concept in December of Last year.

Based in Sydney’s booming tech district, the existing site was strategically acquired by Belingbak who merged eight separate properties within 12 months to create a unique 1,300m² development.

“We are extremely excited that 372 Pitt will act as a catalyst for the larger precinct, providing quality architecture, urban activation, increased employment opportunities, housing and streetscape retail offering. that will improve pedestrian traffic in the southern end of Sydney’s CBD,” said ICD Property CEO Matt Khoo.

“We envision a building that blurs the distinction between personal life and leisure. Especially for the 30 residences that will enjoy exclusive access to hotel amenities and services, demonstrating the heights of luxury living immersed in convenience and connection.

Artist’s impression of the $500 million Pitt Street Tower

Belingbak founding director Jack Montgomery said the building will raise the bar for accommodation in Australia.

“We had the opportunity to deliver a world-class mixed-use building that elevates the standard of accommodation in Australia,” he said.

“As Sydney evolves on the world stage, this building will evolve too, providing an exemplary reference, a sense of connection and a place loved by tourists and locals alike.”

Woods Bagot and Urbis have undertaken the initial design and planning work, but this month ICD and Belingbak will launch a design competition which will see five world-renowned architects invited to submit their design proposals.

The winning architect will be appointed to the project team and will prepare the detailed site development application which is expected to be submitted in early 2023.

Khoo said it was one of the most exciting stages of development in Sydney.

“When we’re able to work with a variety of world-class architects, each with distinctly original design philosophies and approaches. It is extremely rewarding to work closely with each architect and ultimately witness five very different potential outcomes for the site, striving to find the perfect fit that balances our vision and the needs of the city,” did he declare.

It is ICD Property’s second Pitt Street development, following its redevelopment of the City Tattersalls Club, which received DA approval in November 2021 for major upgrades and a 50-storey mixed-use tower comprising a 101-room Indigo Hotel by InterContinental Hotels Group and 241 tall. final residences.

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