ICD Property launches $450m tower in tight Sydney CBD

Sydney’s city skyline is set for a new entrant with the planned development by Belingbak and Melbourne-based developer ICD Property for a $450 million hotel and apartment tower in bustling Pitt Street.

It comes as the country’s international borders have reopened with tourists and investors set to start flooding back to travel and invest.

While there has been a disruption in construction activity due to lockdowns, developments across Sydney and Melbourne have weathered the pandemic with close to $5 billion worth of new projects closer to opening. These include the CBD Metro rail with mixed-use developments surrounding the stations.

ICD Properties and Belingbak have submitted a concept development application (DA) to the City of Sydney for the redevelopment of an existing three-storey commercial site at 372-382A Pitt Street. It includes a 56-storey tower topping out at 158 metres tall, comprising around 304 hotel rooms, 28 residences, and complementary ground floor retail.

Belingbak acquired and amalgamated seven separate properties over 12 months to create the singular 1,140 square metre site that sits at the southern end of the city close to World Square.

It marks ICD Property’s second large-scale project in Sydney after its nearby $200 million City Tattersalls Club redevelopment, while Belingbak, founded by Jack Montgomery, Robert Mclean and Matthew Rawlinson have projects across inner Sydney, Byron Bay and Perth.

ICD Property Managing Director Matt Khoo said having secured one of the last remaining underdeveloped land parcels in the Sydney CBD, “we firmly believe that 372 Pitt will complement the significant investments seen today at Tech Central and the broader precinct”.

He added that as the Australian border reopens to migrants and tourists, “we definitely expect to see the property market, particularly within capital cities, significantly grow”.

“Our outlook from the beginning has always been long term. Sydney particularly has seen historic, long-term demand for hotel and residential offerings within the city centre,” Mr Khoo said.