George Street

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<p>Brookfield Properties and Oxford Investa Property Partners (OIPP) have revealed the first stage of the $200 million 388 George Street redevelopment.</p>
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<p><span>Prominently located on the corner of George and King Streets, 388 George Street is jointly owned by Brookfield and Oxford Properties, as owner of the OIPP portfolio, with the redevelopment built by premier builder, Multiplex. The project will deliver 38,364 square metres of A-Grade commercial office space and 2,680 square metres of prime retail space to the CBD core.</span></p>
<p><span>Stage One of this project has involved the delivery of an all-of-building refurbishment of the existing 28- storey office building, including a new tower lobby and end-of-trip (EOT) facilities while the second and final stage will see the delivery of a brand new five-storey, FJMT-designed mixed-use pavilion to complete the project.</span></p>
<p><span>The state-of-the-art EOT facilities will offer a range of convenient services for tenants including luxury towels, ironing and grooming stations and parking for 366 bikes. With user experience at the forefront of the design, EOT facilities at 388 George Street are located on level one rather than the basement and a dedicated lift provides exclusive and direct connectivity from the basement level cycle parking.</span></p>
<p><span>The transformational refurbishment of the existing A-Grade office tower has made outstanding use of </span><span>the building’s existing infrastructure, with interconnecting stairs added, en</span><span>hancing connectivity and collaboration for occupants. Upgrade works also included new ceilings, carpets, bathrooms, lift floor lobbies and on-floor amenities. Inter-floor connectivity has been achieved with the installation of </span><span>staircases throughout the building’s existing five, four</span><span>-level atriums.</span></p>
<p><span>The mixed-use pavilion, due for delivery later this year, will add an important new landmark to the CBD core, with five-storeys of commercial and retail space, a rooftop bar and flagship retail stores.</span></p>
<p><span>State-of-the-art design features of 388 George Street include a stone concierge desk carved from solid blocks of London White Marble, with each block weighing 200 kilograms.</span></p>
<p><span>Danny Poljak, Executive Vice President &amp; Co-</span><span>Head of Brookfield Properties said, “We are thrilled to </span><span>reach this exciting milestone at 388 </span><span>George Street and transform another of the Sydney CBD’s </span><span>established office buildings. Not only have we added significant value by upgrading the existing commercial tower and developing the new retail podium on a dormant part of the site, we have also </span><span>enhanced the site’s connectivity to George </span><span>and King streets</span><span>.”</span></p>
<p><span>“The development w</span><span>ill completely transform this busy city corner and integrate with the newly pedestrianised George Street with a through-site link planned in the next stage linking to King Street.</span><span>”</span></p>
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<p><span>Nicole Quagliata, Fund Manager, OIPP said: “</span><span>We are delighted to unveil the first stage of 388 George Street</span><span>’</span><span>s transformational refurbishment. The recently completed improvements establish the building as a leading contemporary workplace for our tenants, providing high quality amenity within a prominent Sydney CBD location. The new mixed-use podium with premium retail opportunities will bring new </span>amenity to the revitalisation of this exceptional George Street location.</p>
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<p><span>Ian Lyon, Head of Development, Asia Pacific at Oxford Properties Group, said: </span><span>“</span><span>388 George Street is part of the continued improvement of the OIPP portfolio. We are immensely proud of what the team have delivered.</span><span>”</span></p>
<p><span>The project, which is being delivered by construction partner Multiplex, created over 250 jobs during its construction.</span></p>
<p><span><img src="https://www.urban.com.au/images/2020/7/17/12_388_GeorgeSt_Render%20low%20res1%20copy.jpeg" alt=""></span></p>
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$200 million 388 George Street redevelopment revealed

<p>A glamourous Sydney CBD office suite has sold for $890,000</p>

<p>The 37 sqm office last traded in 2013 when bought for $375,000 by chemical supplies executive Michael Snounou, who is facing trial for allegedly importing methamphetamine ingredients.</p>

<p>Snounou was committed last month to stand trial for 32 offences but is yet to enter a plea.</p>

<p>Snounou’s tenant at the 350 George St premises is the Robb Report, the luxury brand magazine publisher.</p>

<p><img alt="" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/6/GEORGE%20STREET.jpg" /></p>

<p>When the ANZ secured permission to auction the heritage-listed property, the NSW Supreme Court was told there was expected to be a surplus from the sale.</p>

<p>It was listed through Belle Commercial agent Andrew Vines who expected buyers to pay around $25,000 per square metre.</p>

<p>The result was closer to $24,000 per sqm.</p>

<p>Some 10 contracts were issued. The net proceeds will be held by the NSW Trustee and Guardian until further order.</p>

<p>The 1870s building was designed in the Federation Romanesque style.</p>

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The 37 sqm office last traded in 2013 when bought for $375,000 by chemical supplies executive Michael Snounou, who is facing trial for allegedly importing methamphetamine ingredients.

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