Joint-Venture Reveals $925m Skyscraper for Hyde Park

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. FJMT architects, now FJC, won the design competition for the 55-storey building that comprises a 441-key hotel, 264 apartments, lobby, retail and five basement levels of parking at 201-217 Elizabeth Street. The design has achieved a reduction in overshadowing the park around noon so the steps of the park’s Anzac Memorial would be in sunlight on Anzac Day. The office tower on the 3901sq m site, the Pacific Power Building, was designed by Kann, Finch &amp; Partners Pty Ltd and completed in 1979. ▲ The Pacific Power Building would be demolished to make way for a 55-storey tower next to Hyde Park and the Anzac Memorial. “The existing ageing commercial tower on the site is reaching the end of its life span and if not demolished in near future, will require significant investment,” the Ethos Urban report said. The upgrade would be needed to &ldquo;align with current and future office demand, which will favour premium grade office space and buildings with high sustainability attributes to align with transition to net-zero carbon emissions&rdquo;. --> The current occupancy of the building, refurbished in 2006, was 47 per cent of the 38,355sq m net leasable area and counts Gucci and Starbucks among its tenants. ▲ A render of the highrise proposed by Charter Hall. Charter Hall and Abacus Group won approval to update the podium that fronts Elizabeth, Park and Castlereagh streets in 2022 to improve its sustainability ratings. This was part of plans for the adaptive reuse of the tower and the addition of an 11-storey podium to bring the total floorspace to 48,800 square metres. The new plans hold 55,763sq m in total. Those plans are on exhibition with the City of Sydney. ▲ The diagonal through-site link connects Hyde park to the corner of Castlereagh Street and Park Street in Sydney CBD. The site has been home to significant developments in the past, such as the Conqueror Tobacco Works built in the 1880s, according to the Urbis heritage report. Four storeys were added to that in 1914 before the building was demolished in 1928 to make way for what was at the time the tallest tower in Sydney at 68 metres. It was surpassed by the 112m AWA Tower in 1939.

Joint-Venture Reveals $925m Skyscraper for Hyde Park

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