Charter Hall’s $925 million redevelopment at 201 Elizabeth Street has cleared a major hurdle, securing backing from the City of Sydney’s planning committee. The 55-storey mixed-use tower is now under final review by the NSW Department of Planning as a State Significant Development.
The project will replace the ageing Pacific Power Building with a striking new tower designed by FJC Studio. The development includes 441 hotel rooms, 264 apartments, ground-floor retail, five levels of basement parking, and a new public plaza with a pedestrian link to Museum Station.
Acquired in 2019 for $630 million by Charter Hall, Abacus Group, and QuadReal, the 3,901 sqm site has undergone an extensive five-year planning process. The new scheme supersedes an earlier podium extension approved in 2022.
Selected through the City of Sydney’s design excellence process, the FJC Studio concept features three articulated vertical forms and delivers a strong urban, heritage, and sustainability response — including no overshadowing of the Anzac Memorial on Anzac Day.
The tower targets 5 Star Green Star, 5 Star NABERS Energy, 4 Star NABERS Water, and WELL Gold ratings. It will run on renewable electricity, cut embodied carbon by 40%, and divert 80% of construction waste from landfill.
Charter Hall is currently seeking a capital partner. A construction timeline is yet to be confirmed.
Rendering by FJC Studio of the 55-storey tower, showing the articulated podium and street-level interface at Park and Elizabeth streets.
