Sydney landmarks are not only distinctive structures on the Sydney urban landscape but also can assist visitors and newcomers find their bearings as they explore the city. Sydney Landmark to Undergo Major Renovation. A number of these structures have become iconic symbols of Sydney. A landmark Sydney building that once claimed to be home to the nation’s biggest office suite is going to get a substantial facelift.
Sydney Landmark to Undergo Major Renovation. FJMT will be the architect of the $75 million redevelopment of IAG House at 388 George Street.
Currently known as IAG House, the building was previously known under various monikers – the NRMA building, the American Express building and the King George building. It was also once claimed to house the nation’s biggest office suite.
The redevelopment will also see a new retail and office precinct built on the corner of King Street.
The new plans include the construction of a five-storey retail and commercial podium with a rooftop bar. Made from glass and sandstone, this structure will sit at the base of the existing 30-storey commercial tower designed by architect John Andrews.
With the design of the addition, FJMT aims to restore the streetscape and create a through link that will act as a natural extension of the Sydney Arcade linking between Pitt Street and King Street.
According to FJMT, the addition will be sensitive to the architectural significance of the existing tower. The architects hope that the addition will help ground the existing tower, adding to its integrity.
The redevelopment plans come as IOF has reported a rise of 10.6 per cent rise in its statutory net profit to $521.6 million statutory for the year to June 30, boosted by property revaluations.
A fund from operation guidance for the 2019 year is 29.2¢, down 4.6 per cent on 2018. Fixed rental increases and positive leasing fundamentals in Sydney are anticipated to be offset by the expected sale of 836 Wellington Street and vacancy at 388 George Street and 347 Kent Street while the refurbishment of these two properties is undertaken.