If higher interest rates are supposed to cool construction activity, it seems the Reserve Bank missed the memo. Before even finishing the rebuild of one asbestos-ridden heritage building in Sydney’s CBD, it has quietly started renovating another just around the corner.Undeterred by the mammoth blowout on its $1.2 billion-and-counting project to demolish and rebuild its headquarters at 65 Martin Place, the central bank has gained approval from the City of Sydney for a $15.3 million refurbishment of another heritage-listed office – this time the former Perpetual Trustee Company Building at 39 Hunter Street.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles