AMP Capital has received Stage 2 Development Application (DA) approval to refurbish Sydney's first skyscraper, 33 Alfred Street, Circular Quay, from the City of Sydney.

Built in 1962, 33 Alfred Street has local heritage listing and is an iconic part of Sydney's harbour skyline.

The work, which is currently due to start in 2021, will include  refreshing the building's façade as well as modernising its services and  interior while maintaining its heritage characteristics and reinstating lost building features.

Once complete, the building will be premium grade, with improved environmental performance. 33 Alfred Street is targeting a 5 Star NABERS rating  and a 5 Star Green Star v3 rating.

"This work will make 33 Alfred Street one of  Sydney's most highly sought-after office buildings" - Louise Mason

AMP Capital Real Estate Chief Operating Officer Louise Mason said: "We are delighted to have received approval for the redevelopment of 33 Alfred  Street from the City of Sydney, who we have consulted with on this project for  more than two years. After 55 years, it's time to upgrade the building and give  it new life for many more decades of service.

"This work will make 33 Alfred Street one of  Sydney's most highly sought-after, premium-grade office buildings.

"However, it  will still be recognisable as one of the most loved and distinctive buildings  at Circular Quay, the gateway to Sydney. We are committed to sensitively and  sustainably renewing 33 Alfred Street for the benefit of its investors, future tenants and the local community.”

AMP Capital has been advised by architect JPW.

33 Alfred Street is jointly owned by investors in the AMP  Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund.

About AMP Capital

AMP Capital is a specialist investment manager  with A$178.9 billion in funds under management as of 30 June 2017 and more than  250 investment professionals. AMP Capital has a heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. It is a subsidiary of AMP Limited, which was established in 1849, and is one of Australia's largest retail and corporate pension providers.

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