Developer Milligan Group has unlocked one of Sydney CBD’s few remaining prime sites, with plans in the works to build the world’s tallest hybrid timber tower.

The local developer, led by James Milligan, has received its first tentative tick of approval from council to rezone a 2000sq m site on the corner of Hunter and Pitt streets.

The proposal, which will be considered by the Central Sydney Planning Committee on Thursday, outlines a 53-storey tower reaching 220 metres—nearly 40 metres higher than Grange Development’s Perth proposal and outstripping Atlassian’s 180-metre Sydney central HQ.