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55 PITT STREET

55 Pitt Street, Sydney, NSW 2000

With frontages to Pitt, Underwood and Dalley Streets, 55 Pitt Street is a development site that has the potential 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. A demolition DA was approved in October 2021 enabling demolition to commence on site in November 2021, completed in August 2022. A stage 2 DA was lodged with the City of Sydney Council in June 2021 for the tower works and was approved in March 2022. Civil works, which commenced in August 2022, were completed in November 2023. In-Ground structural works commenced in November 2023, and are progressing in line with the development programme.

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Ownership
100% Mirvac

Summary information

Acquisition/Agreement Date May-13
Last External Valuation Date Dec-23
Valuation at 30-JUN-24 $112m
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.

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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.