Development plans lodged recently with the City of Sydney Council by Lendlease and Dexus are expected to transform the city’s skyline with the proposed multi-billion skyscraper projects aiming to top out at more than 300 metres.
While Lendlease’s O’Connell Precinct is planned at 309 metres, Pitt & Bridge by Dexus will be 305 metres tall. Currently, Crown Sydney or One Barangaroo, at 271 metres, holds the title of Sydney’s tallest building. The proposed projects – if approved – will redraw the Sydney CBD skyline, which thanks to building height restrictions over the decades, has continuously come up short in world rankings of cities with the tallest buildings. Sydney is ranked #41 in the list of the tallest cities in the world, with just 44 buildings over 150 metres, 15 over 200 metres, and none over 300 metres.
The new proposals are aligned with the City of Sydney’s 2021 planning framework for Central Sydney, which would “allow for buildings taller than 300 metres in the right locations to create space for business and investment to grow, while safeguarding public spaces”. Current regulations restrict building heights to 235 metres.
Lendlease’s 72-storeyed O’Connell Precinct and Dexus’ 70-storeyed Pitt & Bridge are adjacent properties in the CBD with close proximity to Circular Quay and easy access to transport links. Both projects are commercial developments offering premium grade office space: While Lendlease is looking to accommodate 9,000 workers, Dexus is primarily targeting companies in the green finance, energy, infrastructure, and tech sectors.
The O’Connell Precinct, which is bounded by Spring Street, Bent Street and O’Connell Street, has a total area of approximately 6,737 square metres while the Pitt & Bridge property is around 3,300 square metres. Many of the existing buildings in the O’Connell Precinct will be demolished to facilitate the new commercial redevelopment; however, the heritage building at 19 O’Connell Street will be retained, as well as the existing 1 O’Connell Street commercial building, including its heritage listed facades.
In the Environmental Sustainability Report submitted to the City of Sydney, Lendlease stated: “The O’Connell Precinct represents a significant opportunity in Central Sydney to renew a number of aging assets and deliver a highly engaging and multi-dimensional destination. The holistic reimagining of the Precinct will unlock a key site in the commercial heart of Sydney’s Central Business District (CBD), bringing a sense of activity, wonder and respite to an established, but evolving locality.”
However, the actual realisation of the projects is years away with development expected to begin only after detailed planning, securing approval and finance, and getting tenants.
Image source: City of Sydney
