Built marked the topping out of their major Sydney CBD commercial development, SubStation No.164, with a ceremony attended by Lord Mayor Clover Moore, the Built Board – including new Chairman Wal King and Independent Director Dieter Adamsas – Nuveen Real Estate and project development partners.
Designed by fjmt, SubStation No.164 at 183-185 Clarence Street ambitiously revitalises two historic Sydney buildings into one of the city’s most distinctive A-grade office towers with a seven-level sculptural glass extension, which sets a new benchmark for future heritage development.
Built Managing Director Brett Mason said the 7,867 sqm office tower is one of only a handful of new commercial office offerings to hit the market in late 2020 and meets the changing needs of businesses in a COVID-19 world.
“SubStation No.164 perfectly fits today’s changing market demand towards boutique office buildings with businesses downsizing their floorplate requirements as more employees work remotely,” Mr Mason said
“COVID-19 has shifted how we think about workplaces and what we are hearing from the market is that mid-tier businesses in tech, professional and financial services are now more interested in moving to a unique boutique tower where they can still command full floors and make a statement about their brand, rather than taking part-floors or subleasing in larger office buildings.”
SubStation No.164 includes COVID-safe features such as contactless automatic doors and sanitary fixtures to bathrooms, access control lifts and provision for temperature checking in office lobbies. It will also provide expanded end-of-trip facilities for 66 tenant and 33 visitor bikes to cater to the increase in city workers taking greater precautions and choosing to walk or ride to work rather than take public transport.
Lord Mayor Clover Moore said SubStation No.164 is a great example of how heritage can be protected and incorporated in new developments.
“Our city’s built history is showcased through the many eras of architecture that line our streets and 183 and 185 Clarence Street are important heritage buildings that represent our city’s industrial past and this new project preserves them for years to come,” Cr Moore said.
“The modern seven-story addition with interesting glass curves floating above them is a unique addition to our City’s skyline that respects the heritage below. The new roof terrace will allow office workers and visitors to make the most of the beautiful Sydney climate year-round, while retail space on Kent Street will encourage people back into the city to visit new cafes, bars and restaurants.
“I’m looking forward to seeing Built and fjmt put the final touches on this ambitious project,” she said.
The topping out also marked the first official engagement attended by Board Members Wal King AO and Dieter Adamsas since joining the Built Statutory Board as Chairman and Independent Director respectively.
“Built is delighted that Wal and Dieter have joined our Statutory Board,” Mr Mason said. “Both bring deep knowledge and experience in strategically growing leading construction companies. The discipline and rigour they bring to our Board is an endorsement of our vision and has helped us as we take Built to the next stage both across our construction and development businesses.”
SubStation No.164 was acquired on a fund through by Nuveen late in November 2018 for $180 million to seed their Asia Pacific Cities Fund. Built is the anchor tenant for SubStation No.164, pre-committing to lease four floors for its new Sydney Head Office to showcase the group’s experience across development, construction and managing complex heritage sites.
The building will be completed at the end of 2020, with the first tenants able to move in at the beginning of 2021.