AMP prepares grand exit from its Circular Quay home of 60 years
Australia’s first skyscraper and the home of AMP across seven decades, 33 Alfred Street, is about to get the harbour views it has always deserved with a dramatic facelift of the heritage Circular Quay tower.
That revamp is due to begin by early next year, when AMP staffers move up to the street to their new home at the $3 billion Quay Quarter Tower, now under construction.
It may become a bittersweet farewell, however, to AMP’s home since 1962. While managed by AMP Capital, ownership of the 26-level office tower is split jointly between a property fund that was taken over by rival fund manager ASX-listed Dexus in April.
The other half is held in the $7 billion AMP Capital Wholesale Office. It is also in play with Charter Hall, GPT Group, Mirvac, and Dexus jostling to take over its management from AMP Capital. Losing control of that fund as well could put AMP’s management of the historic asset at risk.
In the meantime, AMP is pressing full-steam ahead with business. Long planned and with a development approval in place, the revamp will open up the tightly framed windows of the building’s famous facade, replacing them with full height glass, bringing more light into the building and opening up the sweeping views across Sydney Harbour. Inside, building services will be modernised, while heritage characteristics are retained and lost features reinstated.
All that work will allow AMP Capital to offer a spruced-up tower to a fresh generation of tenants. The Circular Quay building occupies a central place in the country’s commercial and architectural history and on Sydney’s skyline.
Designed by Peddle Thorp & Walker (since rebadged as PTW Architects), the AMP Sydney Cove Building was the first to break the city’s 150-foot (46-metre) height limit, imposed since 1912, when it opened in 1962.
Built for and solely occupied by AMP since it opened, the building has also been the venue for some high-flying escapades in recent years, as AMP tapped into the landmark’s status for charity fundraising.
Four years ago, AMP ran a zipline between 33 Alfred Street and its taller companion tower behind at 50 Bridge Street, now being redeveloped into Quay Quarter Tower. Taking to the air for the fundraiser were AMP staff, along with former AMP directors Vanessa Wallace and Holly Kramer.
For several years AMP also ran an abseiling event down the facade of 33 Alfred Street. Former board member Peter Shergold and former chair Catherine Brenner were among the daredevils.
Those happy memories were etched into AMP’s corporate history well before the dark days of the Hayne royal commission and the more recent controversy over company culture ignited by the short-lived appointment of Boe Pahari to head AMP Capital.
AMP will be hoping its move to Quay Quarter Tower brings better days and opens a new chapter for the battered 172-old wealth management giant. The new building itself is a feat of engineering, with construction taking place at the core of the old tower at 50 Bridge Street, which was retained.
By retaining and repurposing two-thirds of the existing structure, it’s estimated the construction of Quay Quarter Tower has averted around 8000 tonnes of CO2 emissions in the new development.
Leasing commitments are close to complete for the new tower, where AMP has also locked investment from super fund Rest.
