A heritage-listed office building with a dismal occupancy rate in the Sydney CBD will be transformed into modern offices under plans before the city.

The building at 343 George Street, at the western end of Martin Place, was completed in 1925 and was home to the Commercial Banking Company until its merger with the National Bank of Australasia in the 1980s. 

The building itself, which now has a Burberry store at ground floor and offices above, is “an exemplar Commercial Palazzo style civic building, which is representative of the importance of banks in the 1920s”.