How ICD became the go-to development partner for Australia's biggest councils
In the space of a decade, Melbourne-based developer ICD Property have grown from a small, family-ran outfit to become one of the go-to joint developer partners for a number of Australia's largest mixed-use projects.
They've worked on a number of developments with City of Melbourne in recent years, while currently undertaking the redevelopment of Market Square in the heart of Adelaide with the City of Adelaide. They're also progressing what might be their most impressive project of all, the redevelopment of the heritage-listed City Tattersall Club in the heart of Sydney.
ICD's Deputy Managing Director Sal Quah, who has been with ICD almost since its inception in Melbourne, says the plan was to always get to a stage where they were producing show-stopping mixed-use projects in the heart of the country's biggest cities.
"Ultimately the goal was to create city-centric, mixed-use buildings which we could point to and say 'we developed that'", Quah said.
The company started as a family business in 2009, founded by developer Michael Mai. They started with smaller projects in Melbourne's inner ring, before realising the best way for the company to scale was to work in a partnership, whether it be with a co-developer, private investor, funding partner, or a city council.
In their native Melbourne they're developing Aspire Melbourne, the strikingly curved King Street tower which has been designed by award-winning architect Elenberg Fraser. They've previously had success in the city centre with the A'Beckett Street EQ. Tower, which sold out 80 per cent of its apartments within two months of the project launching.
EQ. Tower was also Melbourne's fastest approved planning permit by the Planning Minister at the time of the development, as well as Australia's single largest bank loan for a residential development by Commonwealth Bank Australia at the time of development.
Their move into the Sydney market came in 2015 when they were invited to participate in a joint venture proposal with the City Tattersall Club. Only a handful of parties were invited to participate to pitch for the redevelopment.
The 12 month process saw ICD the preferred partner for the redevelopment of the iconic Pitt Street building near Martin Place.
"Sydney was always on the radar - it's the New York of Australia," Quah said.
"If you make it to Sydney, you make it to the global stage."
The City of Sydney have strict planning rules, particularly in the CBD, where a design competition must be held to determine the best outcome for the project. Three or four architecture firms pitch their designs, and a panel determine the preferred design.
BVN Architecture won the tender in mid-2020 to design the 49-level tower which will soar above the heritage-listed building below, which will be significantly restored. fjcstudio has been retained as the architect for the heritage component of the building.
Quah said that while the design competition means the council can protect the landscape and the interest of the city, it will limit the supply given the extra layer of complexity it brings to the development process.
All in all, ICD liked the design competition exercise, so much so ICD took the idea to New Zealand when they were developing their Auckland tower 65 Federal Street, inviting the likes of Zaha Hadid, Elenberg Fraser, and Warren & Mahoney among others to submit their concept designs.
Quah said the designs put forward to the City of Auckland Council has had a major knock on effect to how the city looks at what's permissible.
"65 Federal Street is the first approved tower that is more than double the permissible floor space ratio," Quah said.
"That's a true testament to the excellence in design."
The project was fast tracked by Minister of Environment James Shaw.
"The quality in design now has the City of Auckland Council considering removing the floor space ratio, as long as you can prove the right solution for the site."
Earlier this year ICD, who are joint venture partners with First Sponsor on the City Tattersall Club redevelopment, appointed Richard Crookes Construction to handle the build of the tower which will comprise 241 apartments, a high-end hotel, and a refurbished club space.