NGI Investments Files Plan for Sydney CBD Tower

A development application has been filed for a 13-storey tower on the only undeveloped site on Sydney’s York Street.

The mixed-use tower planned for the site at 4-6 York Street, owned by NGI Investments, a vehicle of the Hong Kong and New York-based Cheng family, would comprise retail and commercial, with an outdoor terrace on level 8.

A retail, food and drink premise and entertainment facility is proposed for the upper-ground floor, mezzanine and levels 8 and 9, but this will be subject to a future development application.

The plan also includes alterations and additions for an existing bulding on 341 George Street. 

The York Street site is not heritage listed and houses several small utilitarian one and two-storey structures, with the remainder of the allotment consisting of open space.

▲ Renders of the tower proposed for the York Street site.

The building at 341 George Street is of state heritage significance, and has been recently redeveloped as an office site which is fully leased.

Construction cost has been estimated at $36 million.

In 2018, the 4-6 York Street site was earmarked for a similar development and and plans submitted by NGI Investments were approved by the City of Sydney the following year, but the plan not proceed.

The Cheng family, led by New York-based Tony Cheng, acquired the former bank headquarters at 341 George Street in 2002 for $57 million.

The plans for the York Street site are currently on exhibition and the council will accept comments on the proposal until 20 January 2023.