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ICD Property and Belingbak Granted Approval for New 58-Storey Tower in Sydney CBD Valued at $500M

The ICD Team,

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10th October 2022

Thursday 15th September marks a cardinal milestone for ICD Property and Belingbak’s $500 million high-rise development located at 372 Pitt Street following the tower’s planning approval from the Central Sydney Planning Committee.

The newly approved 58-storey high-rise tower designed for Sydney’s burgeoning technology precinct will rise from the site’s existing three-storey commercial building and host a 297-room hotel and 30 luxury apartments, with a complementary ground floor retail housing a diverse range of food and beverage outlets, entertainment, and public art offerings.

The rare development opportunity, estimated to have an end value of approximately $500M, was strategically acquired by Belingbak who amalgamated eight separate properties over 12 months to create the singular 1,300sqm opportunity in Sydney’s burgeoning technology precinct.

Belingbak chose to partner with ICD Property for the project’s delivery following ICD’s successful experience in the Sydney property market with their City Tattersalls Club redevelopment. With a strong collaborative approach, ICD Property and Belingbak share an exciting vision to establish a world-class hotel and residential offering that will leverage the site’s prime location opposite World Square and nearby the emerging Tech Central Precinct and Hyde Park.

ICD Property Managing Director, Matt Khoo, said, “We are extremely excited for 372 Pitt to act as a catalyst for the wider precinct, delivering quality architecture, urban activation, increased job opportunities, accommodation, and a successful streetscape retail offering that will improve foot traffic in the southern end of Sydney’s CBD. We envision a building that blurs the distinction between personal life and leisure. Especially for the 30 residences who will benefit from exclusive access to the hotel’s amenities and services, demonstrating the heights of luxury living immersed in convenience and connection.”

Following 372 Pitt’s Concept DA approval, the project’s next steps are to launch a design competition that will invite five world-renowned architects to design and present their unique interpretations for the building’s final design. With the winning architect being officially appointed to the project team and working in collaboration with ICD Property and Belingbak to prepare the site’s Detailed Development Application, targeted for submission in early 2023.

“This is one of the most exciting stages of developing in Sydney. When we’re able to work with a variety of world-class architects, each with distinctly original philosophies and approaches to design. It is hugely rewarding to work in close quarters with each architect and eventually witness five vastly different potential outcomes for the site, endeavouring to find the perfect fit that balances our vision and the city’s needs,” said Matt Khoo.

372 Pitt marks ICD Property’s second Pitt Street development, following their 50-storey City Tattersalls Club Redevelopment stage 2 DA Approval for Sydney’s CBD which will transform the 125+ year old Club into a 50-storey mixed-use tower comprising a 101-room hotel and 241-high end residences.

 

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