Charter Hall’s Hyde Park Tower Wins Key Planning Support

Charter Hall’s proposed $925-million skyscraper at 201 Elizabeth Street has secured crucial backing from the City of Sydney’s planning committee, moving the 55-storey hotel and apartment tower closer to realisation.

The project is now with the NSW Department of Planning for final assessment.

GALLERY  

The existing 38-storey tower, designed by Kann Finch & Partners and completed in 1978, was last refurbished in 2006. Currently only 47 per cent leased, the asset has been described in planning documents as nearing the end of its economic life. After years of exploring adaptive reuse, Charter Hall and its partners have opted for a full-scale redevelopment.

The proposed 55,763-square-metre scheme, designed by FJC Studio, will feature 441 hotel rooms, 264 apartments, ground-floor retail and five basement levels of parking. A public plaza and diagonal pedestrian link will provide a new connection between Hyde Park and Museum Station.

Charter Hall, which holds a 68 per cent stake in the 3901-square-metre site, acquired the asset in 2019 for $630 million with Abacus Group and Canadian investor QuadReal. Over the past five years, the development vision has evolved from an $85-million podium extension, approved in 2022, to a complete rebuild. FJC Studio’s concept was chosen through the City of Sydney’s design excellence process, emerging ahead of submissions from Zaha Hadid Architects, SJB and 3XN.

The design articulates the tower into three vertical forms, creating the impression of multiple structures. It has been refined to address heritage and solar access concerns, stepping back from St George’s Church and avoiding overshadowing the Anzac Memorial at noon on Anzac Day.

Sustainability targets include 5-star Green Star and Gold WELL ratings. The building would run on renewable electricity, achieve a 40 per cent reduction in embodied carbon and divert 80 per cent of construction waste from landfill.

Charter Hall is reported to be seeking a capital partner, having begun testing joint venture interest during the planning phase. While no construction timeline has been announced, the project marks one of Sydney’s most significant redevelopment proposals in the Hyde Park precinct.

Images via The Urban Developer

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