Sydney’s civic centre and popular public precinct, Martin Place, will undergo a $1 billion transformation restoration.
Martin Place Owners Group, chaired by GPT Group director Andrea Roberts, has partnered with the City of Sydney to create a development plan to rejuvenate the 18th and 19th century buildings and facades along the bustling central thoroughfare.
“All the owners have their own significant projects going on but as a group ultimately we want to help the City of Sydney do a master plan,” Roberts said.
This is the first time that Martin Place landlords have collaborated with the council and after realising substantial financial investment from the owners, progress is beginning to take shape, the AFR reports.
It hasn’t all been a bed of roses for the pedestrians-only area, despite being home the iconic GPO site and Cenotaph, after some of Australia’s major banking institutions relinquished large offices there in favour of new developments at Barangaroo and Darling Harbour.
Improved public transport links, with Sydney’s new light rail down George Street set to be completed by 2020, alongside the existing train station, should help and new tenants have recently joined the precinct.
Here are some of the multi-million dollar investments taking shape as part of the $1 billion makeover;
- DEXUS Property Group will inject $450 million into the redevelopment of 5 Martin Place.
- Charter Hall will put $250 million into 333 George Street.
- GPT Group and QIC are spending $330 million on repositioning the MLC Centre at 19 Martin Place.
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