Martin Place

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Investa, a commercial real estate management and development service provider, announced the release of its new ‘insite’ tenant experience app at Sixty Martin Place, Sydney. 
The single system interfacing app integrates building services, operations, amenities and content.
The building, which curves over the top of the historic interwar-era St Stephens Church, was built in conjunction with a <a href="/expert-insights/investing/1-billion-curved-skyscraper-completed-in-martin-place">'digital twin'</a> that allows for such data to be sourced.
The app enables users to access the building, call the destination-controlled lifts, book lockers and access the car park from their smart device. 
“Our objective in developing the insite app is to deliver a better, more integrated occupant experience, tailored to the unique needs of Investa and our owners,” said Sally Franklin, Group Executive, Real Estate Services &amp; Business Operations. 
“Investa has collaborated with Willow on several market leading digital innovations in recent years, including the early implementation of Building Information Modelling (BIM), to launching Australia’s first digital twin in an operating building at Investa’s 567 Collins Street in Melbourne."
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Investa announce 'insite' app for 60 Martin Place tenants

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Minister for Water, Property and Housing Melinda Pavey officially opened Sydney Water’s Drought Proof Garden in Martin Place.
The Drought Proof Garden is filled with over 15 varieties of water efficient plants, all sourced locally.
“As we approach summer Sydney’s dam levels are currently sitting at 47.7 per cent and continue to drop. We want this garden to help inspire people to do their bit for the drought by saving water at home and specifically in the garden,” Mrs Pavey said.
Landscape expert and Selling Houses Australia Host Charlie Albone was also at the launch.
“I know there are thousands of Sydneysiders that love gardening as much as I do, however as we continue to face severe drought conditions it’s never been more important for us all to do our bit to save water, particularly in the garden,” Mr Albone said.
Visitors are welcome to roam the garden, take a guided tour with gardening experts, learn about the unique benefits of mulching and participate in special workshops with The Planthunter editor, Georgina Reid, to hear about the most efficient ways to water your plants.
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Drought Proof Garden unveiled in Sydney 

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The Fullerton Hotel Sydney, located at No. 1 Martin Place within Sydney’s historic GPO building, officially opened earlier this month. 
The 416-room hotel was developed by the Fullerton Hotels and Resorts group, who also own The Fullerton Hotel Singapore, and The Fullerton Bay Hotel Singapore.
"We are excited to open The Fullerton Hotel Sydney in a landmark building that is steeped in character and history," said Cavaliere Giovanni Viterale, general manager of The Fullerton Hotels and Resorts.
"It is our aim to provide hotel guests and visitors with heartfelt hospitality and memorable experiences, all while showcasing the beauty and heritage of the former Sydney GPO building to a wider audience both nationally and globally," he said."
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In an attempt to rejuvenate the historic buildings façade, an expert team with combined stonemasonry experience of 334 years, undertook a 38,000-hour chemical-free cleaning process to restore the building's facade to its former glory. 
"We are committed to conserving the Sydney GPO building for the enjoyment of generations to come; and the heritage façade remediation programme is just the first step in a multi-phase revitalisation programme to be continued following the opening," concluded Cavaliere Giovanni Viterale. 
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As of November 1, the building's vibrant history, dating back to 1874, will be on show through complementary heritage tours.
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The Fullerton Hotel Sydney opens at No.1 Martin Place

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The NSW Government have approved two new office towers to be located above the future Martin Place Metro Station.
Premier Gladys Berejiklian, planning and public spaces minister Rob Stokes and minister for transport Andrew Constance announced the approval of a 39-storey office tower (pictured below) above the northern entrance of the under-construction Metro Station and a 29-office storey tower (pictured top) above the southern entrance.
Ms Berejiklian said the towers will create more than 2500 jobs during construction, and house nearly 9000 office, retail and hospitality workers once complete. 
“Sydney is Australia's only truly global city and developments like this continue to elevate our status,” Ms Berejiklian said.
“The Martin Place development is a win for the community and a win for taxpayers, with Macquarie Group helping pay for the metro station build as part of the deal.” 
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Mr Stokes said the integrated station and towers is a great example of well-designed development being built in the right areas.
“These towers, which underwent a rigorous assessment by the Department and an independent design review panel, will enhance Martin Place’s position as a jobs and transport hub in the heart of the CBD,” Mr Stokes said.
“The new metro precinct will connect the existing T4 line with the Sydney Metro and will include shops, restaurants, offices and connections to Hunter, Elizabeth and Castlereagh Streets for commuters and workers.”
Mr Constance said construction of the towers will happen at the same time as the new Martin Place Station is being built underground, with the buildings to be completed in time for the Metro line’s opening in 2024.
“Once completed, the Metro will connect metro rail services from Chatswood, through a new line under the harbour and city, to Sydenham, where they will run on the existing Bankstown Line.”
 
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Green light for Martin Place metro office towers

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Sydney's newest office building has set the record for the most expensive office rental in the Sydney CBD.
It is at an annual net face rate of more than $1800 a square metre at 60 Martin Place.
The 33-level premium-grade building topped out on Wednesday, in a project being undertaken by Investa Commercial Property Fund and Gwynvill Group.
Higher floors have been leased at an annual net face rent of more than $1800 a square metre, while lower floors were averaging around a net annual face rent of between $1200 to $1300 a square metre, Investa group executive Michael Cook said.
Its three latest tenant signings have taken leases of over 9000sq m on terms of between 10 to 15 years.
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Flexible workspace provider International Workplace Group has agreed terms on 4500 square metres within the building's podium across levels one to three, with plans to use them as a co-working hub called "Spaces".
Financial services group, Munich Re secured 2600sq m of space on levels 27 and 28, moving out of its own building on Macquarie Street.
The Japan megabank, Mizuho Bank will relocate from 60 Margaret Street to levels 29 and 30, occupying 1900 square metres.
Other tenants which have committed to 60 Martin Place include Norton Rose Fullbright and Banco Chambers.
"The interesting thing is that incentives had been stubborn, and we are into the teens. I am surprised prices have been sticky on the way down but it is a function of the fact that a lot of organisations struggle to justify the capital expenditure of a fitout," Mr Cook told Nine Entertainment.
"There is more elasticity in rents than fitout costs. I would rather have my incentives and rents a little higher because we are producing a cashflow, and I use the incentives to support a cashflow."
Mr Cook said only four to five floors were still available for lease.
The HASSELL-designed building with state-of-the-art end-of-trip facilities is on track for September completion.
In 2016 Investa Office Management Pty Ltd raised $600 million in equity and another US$150 million through a US private placement after it acquired a 50 percent stake in the 40,000 sqm office redevelopment.
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60 Martin Place sets record Sydney rent

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A 50 per cent freehold interest in the MLC Centre at 19-29 Martin place in Sydney’s CBD is being offered for sale via international expressions of interest.
Savills Australia’s Ian Hetherington, Simon Fenn and Ben Azar, and Cushman &amp; Wakefield’s Josh Cullen and Mark Hansen, have been appointed to market the landmark asset.
The expressions of interest campaign for the MLC Centre ends April 11 2019.
The real estate investment trust, <a href="/expert-insights/investing/half-of-harry-seidlers-mlc-centre-to-be-sold-by-gpt">GPT Group announced it was selling its 50 per cent share of the MLC Centre</a> in January 2019.
It is speculated the stake could fetch $800 million. It has a $725 million book value.
GPT jointly owns MLC Centre with office landlord specialist Dexus who paid $722 million in 2017 when it was sold by QIC.
The 228 metre tall tower was designed by Harry Seidler. 
Mr Hetherington said the campaign was expected to attract interest from all major global investors, as it presented “a rare opportunity to secure an Australian icon”.
Located adjacent to the Sydney Metro project’s new Martin Place station, the MLC Centre comprises 67,408 sqm of prime office space across 57 floors, in addition to 10,305 sqm of prime retail space.
The property occupies one of Sydney’s largest freehold sites.
Mr Cullen said the projected strong rental reversion would be a key selling point for prospective buyers.
“Coupled with falling vacancy rates, the current market conditions in Sydney are poised to encourage positive rental reversion,” he said.
Mr Azar said the MLC Centre presented significant future upside opportunities through its DA-approved retail redevelopment, which will expand the retail offering on the site and utilise the 255-metre prime street frontage, especially along King and Castlereagh streets.
“The improvements seek to increase pedestrian foot traffic through the activation of laneways, and revitalise the heart of the MLC Centre to provide a more attractive precinct for tenants and visitors.”
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50% freehold interest in Sydney's MLC Centre on offer

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Macquarie Bank has finalised negotiations with the NSW Government for air rights above a new Metro station at Martin Place, clearing the way for the bank’s ambitious commercial proposal over the station to proceed. The proposal was previously approved as part of the Department of Premier &amp; Cabinet’s unsolicited proposals process but required the negotiation of these air rights.

The agreement marks a new era in the delivery of mass transit infrastructure in Sydney, demonstrating a form of value capture. It also puts on show the focus of Sydney Metro Corporation in strategically matching new metro stations with the leveraging of land use potential. This is part of a broader trend in Sydney and other global cities; London’s Crossrail project - a suburban-rail, rapid-transit line which alleviates constraints on the Tube Metro network - employs a similar commercial arrangement to construct some of its new city centre stations, most prominently at the financial district at Canary Wharf. 

Macquarie Bank has agreed to pay $355 million for the Martin Place station air rights and will proceed to build the metro station and two commercial towers, in partnership with Lend Lease.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/buildings_cut_thru_-_metro_martin_place.png" rel="gallery-all" title="A section diagram of the proposed integrated development. "><img alt="" class="image-article-full-width-580px" height="466" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/buildings_cut_thru_-_metro_martin_place.png?itok=R_I01QPf" title="A section diagram of the proposed integrated development. " width="580"></a>

<figcaption>A section of the proposed integrated development showing the complexity of the site. Source: Metro Martin Place</figcaption></figure>The distinctive northern tower design responds to the challenges of protecting sunlight access to Martin Place - in fact, both towers are fully compliant with City of Sydney solar access planes which protect sunlight access to Martin Place and Hyde Park.

The north tower is approximately 170 metres tall (38 floors) with almost 80,000 sqm of premium office space. The smaller south tower, amended to provide commercially viable floor plates of 1,100 sqm, offers 39,000 sqm of premium grade office space over 28 floors. 

As a result of the deal, the Government will foot little of the $378 million cost to build the new station and its associated connecting passages.

The new station is being compared in style to New York’s WTC and Hong Kong’s IFC stations; the station will become part of a new retail and social precinct that is envisioned to be an embedded, seamless part of its locality.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/atrium_look_down_-_source_macquarie_bank.png" rel="gallery-all" title=" Macquarie Bank"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/atrium_look_down_-_source_macquarie_bank.png?itok=nMrSXMJ5" title=" Macquarie Bank" width="580"></a>

<figcaption>The sunlight-filled atrium below the north tower, providing access to the station concourses and platforms. Source: Macquarie Bank</figcaption></figure> ​​​​​The scale of the precinct is impressive, and it should be noted the level of attention afforded to the quality, legibility and experience of the pedestrian environments, both in the underground concourses and at street level. 

Grimshaw in partnership with Johnson Pilton Walker and Tzannes, are the architects responsible for the design of the station and its commercial and social precincts. The firms have a long experience in crafting quality human-scale environments.

The station connects to the T4 Bondi Junction &amp; Illawarra suburban station; it is likely to also connect to a new CBD station as part of the mooted West Metro line. Collectively, this anticipates a northern CBD mass transit interchange, relieving overcrowding at Central, Town Hall, and Wynyard stations.

<blockquote>
Acknowledging the special role Martin Place Metro Station will play in Sydney’s transport system, and the nature and exceptional prominence of its location, Macquarie Chief Executive Nicholas Moore affirms; “We recognise that we have been entrusted by the NSW Government to deliver this once-in-a-generation opportunity for the community. We are committed to delivering a new transport-led destination that is customer-centred, inclusive and comparable with the world’s great integrated urban precincts.” He goes on to say, “As a long-time resident [of Martin Place], Macquarie Bank understands and respects the historic, cultural and civic significance [of Martin Place].”
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/mmp-east.jpg" rel="gallery-all" title=" Macquarie Bank"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/mmp-east.jpg?itok=_BrPU7cy" title=" Macquarie Bank" width="580"></a>

<figcaption>The station will feature active street frontages, elevated terraces, and an architectural style in keeping with the heritage and grandeur of Martin Place. Source: Macquarie Bank</figcaption></figure>The development reinforces the role of the northern CBD as the financial hub of Australia and as a globally connected business precinct. The towers feature modern side-cores with large, uninterrupted floorplates ensuring flexible office design that can adapt to future needs. The proposed buildings have been awarded 6-star environmental ratings from the Green Building Council of Australia and will house workspace for 8500 people. Macquarie Bank will consolidate its operations in the northern tower, which will be connected directly with its existing heritage headquarters at 50 Martin Place. 

In the broader strategic context, this is just one - albeit prominent - example of similar projects in the pipeline; new metro stations at Victoria Cross (North Sydney), Pitt St (Town Hall), Waterloo, and Crows Nest are undergoing similar work to both embed them in their locality and leverage the transit capacity and connectivity they bring.

2500 new jobs will be created during construction and the office towers, social and retail precinct, and the station are expected to be completed shortly before Metro City &amp; South-West opens in 2024.

<a href="https://www.youtube.com/watch?v=boiuhoRrxkA">Fly-through of Martin Place Metro Station Integrated Development</a>
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ModernBradfield

Martin Place Metro Station's Integrated Development Clears Final Hurdle

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The unsolicited proposal for the development of the Martin Place metro station demonstrates the innovation that can come from the private sector. 
Macquarie Bank’s proposal to fund a new metro station by developing two commercial towers linked by retail arcades is good news for Sydney.
The tax payers do not have to fund the new station as a result of the development opportunities on adjacent sites.
The Martin Place station development follows a similar approach for the renewal of Wynyard station by Brookfield who own adjacent sites to Wynyard. In both cases it is the private sector that has come up with world class designs for the station infrastructure as well as for adjacent tall commercial buildings. 
Both of the new station proposals also include major retail outlets to activate the transport concourses which uses private sector expertise in making bustling public spaces.
Sydney is developing an extensive underground pedestrian network that still connects to natural light through the station redevelopments. This dry pedestrian network will be the perfect route for commuters during future wet weather like the current heavy rain that Sydney is going through.
The Urban Taskforce encourages the NSW Government to use the unsolicited proposal process in other locations where private sector innovation can deliver quality public domain outcomes.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI">here</a>.
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Private sector innovation provides quality public outcomes for Martin Place Metro

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Property manager Investa Office Management Pty Ltd has raised $600 million in equity and another US$150 million through a US private placement as it seeks to fund the redevelopment of 60 Martin Place in Sydney and pay down borrowings or acquisitions.
Investa’s flagship wholesale fund, Investa Commercial Property Fund (ICPF), acquired a 50 percent stake in 60 Martin Place with construction on the 40,000 sqm office redevelopment for $900 million underway and due for completion mid-2019. 
ICPF has also bought office buildings over the past 18 months with recent acquisitions totalling around $750 million, including a 75 percent interest in 420 George Street, Sydney and a further 50 percent stake in 1 Market Street, Sydney, taking its ownership in this building to 100 percent.
It said market conditions would continue to strengthen in the Sydney office market as vacancy tightens and the withdrawal of existing buildings gathers momentum, resulting in a reduction in incentives and delivering double digit effective rental growth over the last 12 months. 
“We are delighted with the significant recent equity commitments by investors. It repositions the balance sheet following a series of quality acquisitions in a very tight market, ensuring ICPF is well placed to fund the redevelopment of 60 Martin Place,” said Jason Leong, ICPF’s new fund manager.
“The new investments complement our portfolio and increase our tactical weighting to the well positioned Sydney CBD office market. The fact that there was further equity demand that was unable to be accommodated is a strong endorsement of the Fund and the quality of the assets.”
The firm said the A$600 million in new equity was received from both new and existing investors. ICPF will pay down its debt and move it back into the low end of its targeted gearing range. 
ICPF said its $4.1 billion prime office portfolio was arguably Australia’s highest quality portfolio, attracting more than $2.2 billion in new equity since 2010. 
The fund also finalised its debut issuance into the US Private Placement market, issuing US$150 million of 12 and 15 year notes, with US$75 million issued for each tenor. It offered a margin of US Treasury Rate (‘T’) +175 basis points for the 12 year and T+190 basis points for the 15 year. 
“This issuance is part of the fund’s broader debt strategy which is to diversify sources and maturity of borrowings and extend our overall debt maturity profile in a cost effective manner,” Leong said.
ICPF is rated A- by Standard &amp; Poor’s. National Australia Bank was the sole lead agent for the private placement.
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Investa raises $750 million to fund 60 Martin Place upgrade

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ANZ has returned to the heart of Sydney’s traditional banking district with the opening of its new flagship branch in Martin Place at the site of its former NSW headquarters.
ANZ Group executive Australia Fred Ohlsson said the opening a flagship branch in the heart of Sydney’s traditional finance district reinforced to its customers the importance they place on growing our presence here in NSW as well as supporting our customers and local businesses.
“It made sense to build a flagship branch on the site of our original headquarters in NSW given NSW remains the powerhouse of the Australian economy."
The new three-level branch in Martin Place is the largest in ANZ’s network.
It features the full range of ANZ digital functions, including mobile banking app goMoney, smart ATMs, Apple Pay and internet banking across 21 digital screens customers can use throughout the branch. There are spaces for educational seminars and community events, and a vertical digital wall that spans all three levels of the branch and responds to the environment.
Since 2015, ANZ in NSW has opened four new branches, a home loan centre, two business centres as well as refurbishing 18 branches and four business centres.
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