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OFFICE

55 PITT STREET

55 Pitt Street, Sydney, NSW 2000

With frontages to Pitt, Underwood and Dalley Streets, 55 Pitt Street is a development set to deliver approximately 63,000 square metres of premium commercial and activated retail space as part of a vibrant new destination that will contribute towards the revitalisation of the iconic Circular Quay precinct. Following a successful public exhibition of the Planning Proposal and Voluntary Planning Agreement (VPA), City of Sydney provided consent for Mirvac to commence a design excellence competition in November 2020, resulting in the appointment of SHoP Architects and Woods Bagot to design the precinct in February 2021. Basement construction works are underway with suspended slabs to ground level nearing completion. In June 2024, Mirvac partnered with Mitsui Fudosan Australia, who completed an acquisition of a 67% stake in this premium grade office development.

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Ownership
33% Mirvac, 67% Mitsui Fudosan

Summary information

Acquisition/Agreement Date May-13
Last External Valuation Date Jun-24
Valuation at 30-JUN-24 $149m
Expected Development Value On Completion ~$2.0bn
Target Completion FY27
1. Represents the IPUC book value, excludes any interest in the asset held in inventories.
2. Represents 100% expected end value, subject to various factors outside of Mirvac’s control such as planning, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.