Charter Hall and Abacus’ joint application to develop a podium extension at 201 Elizabeth Street has received approval from the City of Sydney.

Purchased by Charter Hall (68% ownership) and Abacus (32% ownership) in 2019 for $630m, the site occupies a prominent corner location with street frontages onto Elizabeth, Park and Castlereagh streets.

The A-grade, 38-storey modernist office tower features access to premium retail, dining, entertainment and transport precincts, including the new Sydney Metro Pitt Street Station, scheduled to open in 2024.

Zoned B8 Metropolitan Centre, the site is positioned directly across from Hyde Park, capturing natural light from all sides and eastern views to the Harbour.

The now endorsed DA allows for reinvigoration and enhancement of the 1978 building with:

– adaptive reuse of the existing tower that will be retained and complimented by a new 11-storey podium, with large floorplates up to 1900sqm,

– landscaped urban roof terrace, end-of-trip and wellness experiences supported by a transformed southern courtyard, which will provide direct access to Museum Station,

– sustainability targets for the new podium, including a high-performance façade featuring solar photovoltaic panels offering sun shading and on-site power generation, and

– a revitalised ground floor with about 900sqm of new retail to activate Castlereagh and Park streets.