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Telstra's multimillion-dollar Sydney HQ refurb

Australia's largest telecommunications provider will upgrade its Sydney headquarters in an attempt to modernise its retail and office spaces.
Written by Corinne Reichert, Contributor

Telstra has announced that it will spend millions of dollars refurbishing its Sydney CBD headquarters in order to convert the outdated building into a technologically up-to-date space.

Announced on Friday morning, the renovation of the building at 400 George Street, Sydney, will reportedly cost AU$50 million and will begin early next year, with a projected completion date of mid-2015. The development will include modernising all 17 floors containing Telstra's offices, and the expansion of its flagship retail store into the heritage-listed building next door, on the corner of King and George streets.

The Telstra Experience Centre, which provides its small business, enterprise, and corporate customers with training in how to implement new technology in order to improve productivity and efficiency, will also be overhauled.

"We have a complete transformation in mind; we want the Telstra building to be a place where customers can go to experience all of the exciting new communication products and services that are shaping our lives now and into the future," Telstra Group managing director, Innovation Products & Marketing, Kate McKenzie said.

According to Telstra, the renovation will create over 400 jobs.

New South Wales Deputy Premier and Minister for Trade and Investment Andrew Stoner is in support of the planned refurbishments, saying that it will provide growth for the state's economy.

"The development of Telstra's state-of-the-art customer technology hub in Sydney will not only help grow our economy, but it also boosts our state's reputation as an exciting and leading technology and information hub in the Asia-Pacific," he said of the announcement today.

Telstra occupies the George Street building on a long-term lease extending to 2025 with Investa Property Group.

Last month, Telstra reported total revenue for FY13 as AU$25.5 billion, up 1.1 percent year on year, and a net profit after tax of AU$3.9 billion, up 12.9 percent year on year.

Telstra was contacted for confirmation on the price of its refurbishment, but declined to comment.

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