Timeline of 65 Martin Place Project
2018 – Project Inception
Initial Planning Begins
RBA begins scoping a refurbishment of its Sydney headquarters at 65 Martin Place
Scope
- Upgrade base building to current compliance
- Create new workspace for operational needs
Assumptions
- Minimal asbestos (noting major remediation in the 1990s)
- Facade to be retained
- No material impact on basement operations
- Bank expected to remain in occupation during renovations.
2019–2020 – Feasibility Study and Submission to Parliament
Design Phase
Early concept architectural and engineering assessments
Options Considered
- Three options to renovate in place
- One option to relocate entirely
Decision
Proceed with integrated renovation of the whole building as the most cost-effective long-term solution
Parliamentary Approval
March 2020
Initial Cost Estimate
Approx. $260 million.
2021–2022 – Design and Procurement Phase
Design Phase
- Full documentation including side core, new services infrastructure, new window glazing, and fit-out
- Lifts and facade to remain
Procurement Phase
- Tender to Head Contractors
- Built appointed as Head Contractor in March 2022
Construction Begins
April 2022
Asbestos Discovery
Late 2022, signs of more asbestos than expected; construction resequencing begins.
2023 – Latent Conditions Revealed and Scope Expanded
Asbestos Issues
- 4–5 times more asbestos than typical for buildings of its era
- Found in beams, slabs, soffits, facade, and service panels
- Requires full strip-back to steel frame
Other Latent Conditions
Fire stairs and lift shafts non-compliant with modern safety codes
Options Analysis
- Continue construction and rebuild to heritage guidelines
- Sell the building and lease back
- Sell the building and lease elsewhere
- Sell the building and buy elsewhere
Decision
Continue construction as most cost-efficient and compliant with Commonwealth Heritage requirements
Revised Cost Estimate
$1.089 billion
Timeline Extended
Completion pushed from 2025 to November 2029.
2024 – Relocation and New Procurement
Staff Relocation
RBA staff moved to leased space at 8 Chifley Square
Critical Functions
- Data Centre, Banknotes, and Archives Storage decommissioned
- Alternative sites established
Additional Costs
Office rental: $108.8 million over 6 years
Procurement Update
- New two-stage approach due to project size and scope
- Built engaged for Stage 1 (demolition) in March 2025.
August 2025 – Current Status
Project Phases
- Closeout of Initial Project: $208.8 million
- Stage 1 – Demolition & Remediation
- Stage 2A – New Build: Planning underway
- Stage 2B – Fit-out: To follow
Estimated Cost
Asbestos removal, demolition, and rebuilding now approximately $1.2 billion
Next Milestones
- Governance Board approval for next stages
- Continued reporting on cost, risk, and timeline.