ICD Property Partners with Belingbak on $450M Sydney CBD Mixed-Use Development

On 23 December 2021, Melbourne-based developer ICD Property and local Sydney partners Belingbak submitted a Concept Development Application (DA) to the City of Sydney for the redevelopment of an existing three-storey commercial site located at 372 – 382A Pitt Street (372 Pitt).

The rare development opportunity, estimated to have an end value of $450M, was strategically acquired by Belingbak who amalgamated seven separate properties over 18 months to create the singular 1,140 sqm site. Belingbak, founded by Jack Montgomery, Robert Mclean and Matthew Rawlinson, is new to Australia’s development scene but certainly one to watch after recently transacting on a number of projects across inner Sydney, Byron Bay and Perth.

372 Pitt’s Concept DA currently seeks approval for a circa 56-storey tower topping out at 158 metres tall, comprising approximately 304-hotel rooms, an exclusive 28 apartments, and complementary ground floor retail. Current high-level plans for the redevelopment have been devised by architects Woods Bagot with town planning undertaken by Urbis.

The successful acquisition of 372 Pitt Street makes ICD Property the only developer to have two active development sites along Sydney’s highly sought-after Pitt Street, largely considered Sydney’s busiest street and the epicentre of the city’s best food, entertainment, and recreational destinations. The first site being ICD’s City Tattersalls Club redevelopment which received its Detailed DA approval November 2021 for major Club upgrades and a new 50-storey mixed-use tower comprising a 101-room hotel and 241-high end residences.

“It is a very rare thing to have two equally exciting developments on one of Australia’s most iconic streets. Normally, this kind of development at 372 Pitt wouldn’t even exist. That’s how rare this opportunity is. It’s been made possible by our partners Belingbak who amalgamated seven different titles on Pitt Street to combine into one. Their vision married with ICD’s extensive development knowledge of Sydney complement one another and I’m confident will result in a truly outstanding development for the city, its users, and surrounding neighbourhood. I am excited for ICD Property’s future in 2022 with these two Sydney projects specifically,” said ICD Property Managing Director Matt Khoo.

Adding to ICD’s large and growing portfolio, 372 Pitt is envisioned to become a monumental addition to Sydney’s city centre. A building that blurs the distinction between personal life and leisure that strives to bring a brand new, boutique hotel brand to Australia inspired by Sydney’s distinctly unique local character. Located within 10-minutes of Haymarket, Chinatown, Hyde Park, Central Station, Darling Harbour, and Circular Quay – 372 Pitt Street perfectly positions itself as the optimal destination for travellers wishing to see the best Sydney has to offer.

The future hotel will be a catalyst for the wider precinct, delivering quality architecture, urban activation, increased job opportunities and accommodation for the southern end of the city towards Surry Hill.

Following 372 Pitt’s Concept DA approval (targeted for the second half of 2022) a design competition will commence soon after whereby a minimum of five architects will be invited to present their ideas for the site’s design. ICD Property followed the same process when their City Tattersalls Club project underwent a design competition in 2020.