Green light for George Street retail revival

ISPT has gained approval for the major redevelopment and revitalisation of its adjacent buildings at 345 and 363 George Street, and 24 York Street, to create a new precinct with a major centralised lobby and new luxury high street retail destination in the heart of the CBD.

ISPT acquired the three adjacent A Grade commercial office towers in September 2006 and, following an extensive customer engagement and workshop program, decided the timing was right to create value through repositioning and combining the premium office buildings with approximately 3000sqm of luxury high street retail to create a new precinct.

From a locational perspective, the project enjoys distinct advantages and makes sound retail sense, said ISPT Core Fund Manager Mark Bassett. “The redevelopment will seamlessly integrate a new centralised super lobby to service the commercial component, while retail on the ground floor, level one and two will deliver strong brand presence at a very prominent high street address on the corner of Barrack and George Streets.