A $100-million “reimagination” of a former hotel has been approved for the heart of Sydney, opposite Hyde Park.
The plans for the redevelopment of the former 15-storey Hyde Park Inn were filed with the City of Sydney for an amalgamated site at Elizabeth Street by Sydney-based developer Central Element and equity partner MaxCap Group.
Under the approved plans, 262-266 Castlereagh Street and 271-279 Elizabeth Street will be amalgamated.
The plans by two of the nation’s most renowned architects, Glenn Murcutt and Angelo Candalepas, comprise 42 apartments of two, three and four bedrooms, and two retail tenancies above five basement levels.
Also included is a floor of resident amenities. There will be 27 parking spaces for residents including eight accessible places, as well as 58 bicycle parking spots and end-of-trip facilities.
This is the second joint venture between Central Element and MaxCap Group after its Ethos development at Chatswood, which was approved in December.
It is, however, the first time long-time friends and colleagues Murcutt and Candalepas have worked together on a project for the City of Sydney.
Both are highly awarded and recognised architects with a host of landmark projects to their credit.
Candalepas is renowned for his Sulman Medal-winning projects All Saints Grammar School, Belmore, and Punchbowl Mosque; and his firm was recently awarded The Fox: NGV Contemporary, Australia’s largest gallery dedicated to contemporary art and design.
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Murcutt is the sole Australian recipient of the prestigious Pritzker Architecture Prize. His notable projects include the Arthur and Yvonne Boyd Education Centre, in collaboration with Wendy Lewin and Reg Lark; Donaldson House, Palm Beach; Walsh House, Kangaroo Valley; and the Australian Islamic Centre, Victoria.
Central Element has a multibillion-dollar portfolio of residential and lifestyle precincts, and has delivered more than 500 apartments across Sydney.
Managing director Nathan Chivas said the DA approval was “a testament to the remarkable architects Glenn Murcutt and Angelo Candalepas”.
“Together, our goal is to transform this site into a pivotal cornerstone of Sydney’s future, and we are eager to share more about its captivating aesthetics and ambience in due course.”
Work on the project, to be known as 271 Elizabeth Street, is expected to begin by the middle of next year. A builder is yet to be appointed.
