New $2bn skyscraper to transform Sydney CBD

Circular quay waterfront in Sydney city - aerial elevated view at sunrise.

A new $2 billion skyscraper in the heart of the CBD is set to remagine the Sydney skyline.

A new $2 billion skyscraper in the heart of the CBD is set to transform the Sydney skyline and the city’s real estate offerings.

Developer Milligan Group has received approval for a rezoning of a prime city site on the corner of Hunter and Pitt Streets, smack bang in the heart of Sydney’s business district.

The move is another big vote of confidence in the CBD’s post-Covid recovery.

The 52-storey, 214m tower has been positioned as the world’s tallest hybrid timber construction.

How the skyscraper on the corner of Hunter St and Pitt St will look. Picture: Supplied

According to plans from architect Bates Smart the tower will have around 43,300 sq m office space and around 5456 sqm of retail space.

The cherry on the top is a rooftop restaurant and bar.

The developers will be required to deliver a 6-star green rating and outline plans for carbon neutral construction.

MORE: Unique timber CBD hotel sells for $30m

The current buildings on the amalgamated site at 19-21 Hunter St, 23 Hunter St, 105 Pitt St and 107 Pitt Street will all be knocked down to make way for the new building.

The new construction joins Atlassian’s new 180m HQ in the new tech district, which will also be a hybrid construction, as part of a new era of skyscrapers in Sydney.


The Sydney CBD skyline as seen from Crown Sydney. Picture: Jonathan Ng

The new Pitt St address will look to take advantage of the new Sydney Metro network and will be served by the Hunter St Metro station.

MORE: ‘Answer to Tate Modern’: White Bay’s future secured

Couple’s real estate investment jumps $25m in just two years

The Milligan Group have been in consultations on the project with City of Council since 2020 and the project was given initial approval on Thursday.

No timeline for the completion of the project has been set, yet.