This property is a historic multi-level commercial building located in the legal sector of Sydney CBD. The Owners Corporation undertook a staged approach to upgrading the building, and in-turn significantly increased its value.
Stage 1 – Foyer Refurbishment
Following an internal lobby refurbishment, the owners agreed to commence a refurbishment of the foyer entrance which needed to be sympathetic to the new scheme of the lobby and the Stage 2 plans for the façade, whilst still complying with City of Sydney Council in respect of heritage & BCA requirements.
The difficulty of this project was compounded by the necessity to work around the operational hours of the law courts and ensure that visitors to the building could still be provided with uninterrupted access.
Strata Republic coordinated all meetings required to stage the process and administered the project efficiently and on schedule with minimal impact to the building occupants. This included the coordination of architects, consultants & builders in connection with the project, and the works were ultimately maintained within the financial expectations of the Owners Corporation.
Stage 2 – Façade Upgrade
The next phase of the project was the refurbishment of the façade due to its dilapidation over time. Strata Republic was responsible for all aspects of administering this project on behalf of the Owners Corporation.
A feasibility study had determined that a new unitised façade will provide better long-term value than a staged remedial plan, while immediately raising the profile of the building in terms of the streetscape.
As part of the Development Application, it was identified that there was an additional opportunity to capitalize on the existing structure and add value to the building. It was determined to relocate the existing common property plant room which occupied the entire floor area of the rooftop and extend the lift shaft so that a 312 square metre commercial strata lot could be created and sold in order to fund the façade works. The result is a new commercial lot which features an exclusive balcony terrace with 180-degree views across Sydney City and Sydney Harbour, injecting upon its sale a huge cash sum to the Owners Corporation and increasing the value and quality of tenancies.
