Billion-Dollar Apartment Tower in Sydney Embraces “Friendly Neighbor” Design Scheme
After securing approval in 2015 to amend the 150-meter height limit on the site, Coombes Property Group and its joint venture partner Mirvac have lodged a second-stage application with the City of Sydney for a 270-meter apartment skyscraper in Sydney’s CBD.
The 80-story building, with over 500 apartments, has an end value of AU$1 billion (US$673 million) and is set to be Sydney’s tallest apartment tower.
German firm Ingenhoven Architects and Architectus won the design competition for the 270-meter tower in July of 2018.
The Sydney-based developer and investor acquired the 505-523 George Street site in 2014 for AU$85 million (US$57.2 million), entering into a joint venture arrangement with Mirvac.
Mirvac will manage the development of the skyscraper, which will cost an estimated AU$692 million (US$466 million), while Coombes will retain ownership of the tower—providing it with portfolio diversification outside of retail and office assets, the group said.
A 15:1 floor space ratio will allow for 51,862 square meters of residential development, and 13,441 square meters of commercial and retail space. The project will yield 507 apartments across a mix of sizes, with eight levels of basement car parking.
Architectus’ and Ingenhoven’s winning scheme for 505 George Street is based on a “friendly neighbor” design philosophy, architect Christoph Ingenhoven said.
“The urban design approach [offers] a well-connected and stimulating public domain that is highly integrated with the existing surroundings and acts as a catalyst to enhance the amenity of the precinct,” Ingenhoven said.
The application outlines plans to demolish the 6-story Event Cinemas complex on the 4,308-square-meter site, building the skyscraper above a podium which will incorporate retail, childcare, conference facilities, a serviced apartment lobby and residential lobby.
If approved, demolition works on 505 George Street are expected to commence next year.
For more on this story go to The Urban Developer.
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