ICD, Belingbak win approval for $500 million Pitt St tower

ICD, Belingbak win approval for $500 million Pitt St tower

Belingbak and Melbourne-based developer ICD Property have been granted development approval to transform an existing three-storey commercial site in Sydney’s CBD into a 58-storey tower featuring 297 hotel rooms, 30 exclusive residences, and a ground floor retail and entertainment space.

On September 15, Central Sydney Planning Committee signed off on the proposed AU$500 million tower, located at 372 – 382A Pitt Street (372 Pitt), following the submission of a Concept DA in December last year.

Based in Sydney’s burgeoning technology precinct, the existing site was strategically acquired by Belingbak who amalgamated eight separate properties over 12 months to create a singular 1,300sqm development.

“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,” said ICD Property CEO Matt Khoo.

“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.”

An artist’s impression of the $500 million Pitt Street tower

Belingbak Founding Director, Jack Montgomery, said the building will raise the bar for accommodation in Australia.  

“We have been gifted an opportunity to deliver a truly world-class, mixed-use building that elevates the standard of accommodation in Australia,” he said

“As Sydney evolves on the global stage, so too will this building, providing an exemplar benchmark, a feeling of connection and a place loved by tourists and locals alike.”

Woods Bagot and Urbis undertook the early design and planning works but this month, ICD and Belingbak will commence a design competition which will see five world-renowned architects invited to present their proposed designs.

The winning architect will be appointed to the project team and prepare the site’s Detailed Development Application which is targeted for submission in early 2023.

Khoo said it’s 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,” he said.

It’s ICD Property’s second Pitt Street development, following its redevelopment of City Tattersalls Club, which received DA approval in November 2021 for major upgrades and a 50-storey mixed-use tower comprising a 101-room Hotel Indigo by InterContinental Hotels Group and 241-high end residences.

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