Transactions - MAY 22, 2020

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Mirvac, Coombes Property receive approval for $650m residential tower in Sydney

by Andrea Zander

Mirvac Group and Coombes Property Group have received planning consent from the City of Sydney, through its Central Sydney Planning Committee, for the proposed A$1 billion ($650 million) mixed-use, residential-led precinct at 505 George St. in Sydney.

It would be Sydney’s tallest residential tower, reaching 886 feet and comprising 80 stories. The proposed tower includes 507 apartment units, including luxury serviced suites, and a rooftop restaurant and bar, while the podium comprises a boutique cinema, retail, conferencing facilities, a childcare center and a meeting room facility for Council.

Coombes Property Group is the landowner and developer of the project and will retain the ownership of the completed development, while Mirvac is coordinating the project on behalf of the owner.

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