Charter Hall wants to knock down an 38-storey modernist office block to build a 55-storey hotel and apartment highrise overlooking Sydney’s Hyde Park under its $925-million plan.

The mixed-use tower has been in the works since Charter Hall Group, Canadian investment firm QuadReal and Abacus Group purchased the property for $630 million, in a 36/32/32 split, in 2019. 

Previous owners Dexus and Perron Group had made an application to establish a building envelope for the site, which was considered by the City of Sydney in early 2018.