SubStation No.164 is a 7,867 sqm boutique office tower that incorporates the restoration and refurbishment of the 100+ year old heritage listed Shelley Warehouse and the adjoining former electrical substation, with a unique new seven level sculptural glass extension to create an iconic new silhouette on Sydney’s skyline.
In addition to 12 floors of A-grade commercial office space offering a mix of two distinct styles – heritage and contemporary – the development also offers landscaped outdoor terrace spaces, 440sqm of ground floor retail options, quality end-of trip facilities and the retained former substation’s industrial Machine Hall with its vast 12-metre-high ceilings, gantry, machinery and original heritage hydraulic lifts.
The project involved complex urbanplanning and construction works which included the full restoration, refurbishment and consolidation of the two existing heritage buildings, the construction of the new cantilevered curved glass extension structure requiring significant planning, engineering and innovative construction methodologies.
A 5-Star Green Star Design Rating was achieved with an expected uplift to 6-Star Green Star As-Built Rating as well as a targeted WELL Platinum rating for Built’s fitout.
The development sold to Nuveen Real Estate in November 2018 on a fund through basis at a cap rate of 5.15% and a three year rental guarantee across the vacant space. Built executed an AFL across levels 2-5 of the building prior to the sale campaign and all commercial office floors were leased above underwritten net rents.
As part of the development consent with the City of Sydney, Built retained control of the Machine Hall stratum to be used as a cultural and event space.
The development has resulted in economic and social contribution to Sydney to revitalise the western corridor and create economic viability for the future and achieved higher than anticipated financial performance from development, sale and leasing.
