Putting profitability back into 175 Liverpool Street
With the iconic building at 175 Liverpool Street, Sydney losing its lustre compared to new offices nearby, our Project and Development Services team was appointed to put the 1970s tower back into the office A-league.
A major lease expiry prompted the landlord of 175 Liverpool Street in Sydney to engage our industry-leading PDS team - a team with a track record of turnarounds - to undertake a feasibility study that would determine the best course of action for the future of the building.
It was agreed that a major refurbishment incorporating modern, creative design and strong sustainability features could reposition the office building as an A-Grade asset and ultimately achiever higher rents.
Our PDS specialists managed this project so that the building could remain operational throughout the works in order to maintain cash flow to the landlord. This meant that safety and precision were paramount. We carefully appointed contractors, and the work was managed in stages, often within small windows of time so there was as little disruption as possible to tenants.
This was a project of two halves, with the vacant upper floors, building entrance and basement carparks initially transformed. Following a major lease expiry on the lower floors, we put a business case forward to our client, prompting a complete refurbishment of the lower floors also.
We managed to convert a mid-level plant room into an additional 2,900 square metres of commercial office space, taking the building from 28 to 30 floors. Using creative design, we installed individual mechanical plant rooms on each floor instead, with little impact to the overall lettable space.
Water chillers, mechanical infrastructure, lift controls, and hydraulic and fire services systems all had to be dismantled and relocated. In the midst of all this, we successfully relocated the building’s anchor tenant to new floors within the building.
The upgrade of 175 Liverpool Street was a major success, with the works coming in under budget and delivering savings to our client as a result.