A proposed residential tower at 383 George Street is a step closer to fruition after developer Fife Capital's $110 million project was approved by City of Sydney Council last week.
The proposal is for a 32-storey apartment block, plus four floors of retail, on George Street near Market Street. The heritage-listed Carlton and Spiden Houses at 46-48 York Street will be retained, and the adjoining two sites on George Street will be demolished.
It is hoped the retail podium will attract international labels such as the European apparel group H&M, which is said to be close to signing a contract.
Other possible tenants include Japan's Uniqlo, British retailer River Island, and Forever 21.
In the development application, the podium includes 700 square metres of retail and commercial space.
Prices are yet to be confirmed for residential units, but studio apartments range in size from 37 sqm to 43 sqm.
The concierge will be in the sky lobby on level six, as will a 20-metre lap pool, a sky garden, a gym, yoga space and a barbecue.
Lower grade and near obsolete office blocks are increasingly earmarked for conversion into residential towers in Sydney's CBD.
Some of these include Greenland's proposal for the former Sydney Water Board site at 115 Bathurst Street and the former Coca-Cola Amatil property at the heart of Circular Quay.
Residential demand is high near Hyde Park, shown by the sale of a penthouse at The Residence to an offshore Chinese investor for $17 million in August.