Fife Capital is planning to build a 17-storey, rounded tower between Hyde Park and the David Jones redevelopment in the Sydney CBD.
The Sydney-based alternate asset manager lodged an application for the $35-million, mixed-use building with 26 apartments and commercial space in June.
The irregular 530sq m site straddles the block with 6.66m of frontage at 139 Elizabeth Street and 16m at 114-120 Castlereagh Street.
The properties were sold by Sydney publican Kim Maloney for $46 million in September, 2020.
Tony Owen Partners designed the plans for the site incorporating the historic, eight-storey Bosch Chambers into the tower with modern apartment floors above and a communal 170sq m rooftop terrace.
The design takes cues from Cbus and Scentre’s adaptive reuse of the original David Jones Men’s Store into a 22-storey apartment building.
“The facades and materiality of the new building have been developed to define and reinforce a contemporary sense of place that is reflective of the heritage and context of Sydney,” the application states.
“The proposal is a truly mixed-use development with a mix of 47.5 per cent commercial uses and 52.5 per cent residential.”
Fife Capital also owns The Castlereagh Club in the Pitt Street mall, purchased in October 2019 for $20 million.
Nearby, Stockland is building a $1.5-billion office tower approved in June and Han’s Group is planning twin 80-storey skyscrapers both on Castlereagh Street.
According to Corelogic, unit prices in Sydney have experienced the strongest growth of any capital city in the past quarter with the exception of Hobart.
Apartment prices went up 4.8 per cent in the quarter and increased 8.2 per cent in the year to a median value of $794,193.
