The heritage-listed home of luxury label Burberry and IT giant Atlassian at 343 George Street is set for a $16.6 million facelift by the City of Sydney, as part of its ongoing program to revitalise its property portfolio.

Sitting at the western end of the city, the 11-storey tower bookends Martin Place, which is also undergoing a transformation from being the traditional heart of the city, when the Reserve Bank was operative, to a public palazzo.

Lord Mayor Clover Moore said the works at 343 George Street, which comprise a three-street facelift, with the staged remediation works to be carried out over several years, were “vital” for preserving the landmark heritage building into the future.

“Along with its neighbours, 343 George Street forms an important group of buildings overlooking George Street and visually closing off the western end of Martin Place, one of Sydney’s most important and accessible civic spaces,” the Lord Mayor said.

Under the plans, the first stage will start in June with remediation works to the cement render, concrete, steel and bronze windows and copper weathering on the Barrack Lane facade. Facade remediation of the stonework, steel and bronze window repairs and facade lighting for the George and Barrack Street frontages will follow.

The historic building work comes on the back of the City of Sydney’s announcement of a $4 million grants program to fund businesses and creative companies to work together to help revitalise the CBD and precincts.

We’re ensuring this building remains a significant commercial space for retail and office use.

City of Sydney Lord Mayor Clover Moore

The collaborations will be designed to activate businesses, public places and vacant retail and commercial space through cultural programming.

“We’re ensuring this building remains a significant commercial space for retail and office use and preserving it for future generations to enjoy,” Ms Moore said.