One of Australia's largest private construction groups Built is behind the purchase of a key Sydney office building which it plans to double the size of in two years.
Built purchased the disused and derelict site at 183-185 Clarence Street, Sydney for $22.75 million from Vietnamese Vingroup through Colliers International's Vince Kernahan, Gus Moors and Raymond Tran and JLL Hotel's Andrew Langsford and Peter Harper.
Built, founded by Marco Rossi and led by managing director Brett Mason, joined forces with Japan's largest builder Obayashi Corporation last year to compete for projects.
Mr Mason said Built had been in the market for five years trying to find a site to redevelop primarily for the company's own use.
"This truly unique site contains the sort beautiful heritage buildings we are used to working with, and we look forward to continuing our expansion by anchoring our own building, as well as showcasing the very highest standard of refurbishment," Mr Mason said.
"Our plan is to use our extensive skills in heritage refurbishments and our good relationship with the City of Sydney to revitalise both buildings and bring them back to life in a way that respects their heritage, and shows them off to the public after sitting derelict for over 20 years."
The 1000-square metre site in the heart of the CBD currently contains 3600 square metres of office space, and it is anticipated that Built's refurbishment will create up to 8000 square metres of office and retail, with up to seven additional levels on the current buildings. Built will take up to 3000 square metres as its new Sydney headquarters. The two heritage buildings are from circa 1910, and a disused substation with a 20-metre high vaulted ceiling is circa 1920.
"We are entering into a strong leasing market – this was part of the decision to be an owner-occupier."
"The 'western corridor' area of Sydney is undergoing significant regeneration, and this is the perfect site for us.
"We plan on adding a seven-storey addition which respects and complements the heritage buildings below. When this project is finished, around 2019, it will be truly cutting edge for office and workplace design.
"We will be working with local architects and a consultant team which we believe can deliver a world-class outcome."
Built's heritage refurbishment experience includes Queen Victoria Building Sydney, Old Treasury Buildings Perth and the Australian War Memorial Canberra.
