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A proposed mixed-use project with 42 opulent apartments on the site of the Hyde Park Inn has been given the green light by the City of Sydney, with developer Central Element and equity partner MaxCap Group expecting the project to go to the market in early 2024.
The two companies had previously forecast the project to be completed in 2023, but was delayed due to the development application (DA) process which is now finally over the line.
A spokesperson told Business News Australia the estimated end value of the project is $450 million.
The Hyde Park site at 271 Elizabeth Street will be designed by architects Angelo Candalepas and Glenn Murcutt, who will be working together for the first time on a project for the City of Sydney.
Candalepas is renowned for his projects All Saints Grammar School, Belmore, and the Punchbowl Mosque, among others. His firm was most recently awarded The Fox: NGV Contemporary in Melbourne, Australia’s largest gallery dedicated to contemporary art and design.
Glenn Murcutt is the sole recipient of the prestigious Pritzker Architecture Prize, often referred to as the 'Nobel of architecture' with past winners including Jørn Utzon for his design of the Sydney Opera House, and other famous architects like Frank Gehry, Oscar Niemeyer, Renzo Piano, Alejandro Aravena, and Zaha Hadid..
Murcutt's notable projects include the Arthur and Yvonne Boyd Education Centre, in collaboration with Wendy Lewin and Reg Lark; Donaldson House, Palm Beach; Walsh House, Kangaroo Valley; and the Australian Islamic Centre, Victoria.
The developers of 271 Elizabeth Street, in association with the current landowner, are also on a mission to give this project international acclaim in what they hope will become an "iconic park side address" rivalling international property standards amongst the likes of London’s No. 1 Grosvenor Square and New York’s Beckford House and 1228 Madison Avenue.
"With the utmost respect for the building's rich heritage and its enviable location in the heart of Hyde Park, this extraordinary undertaking will honour its legacy. Boasting unparalleled views of the park and the harbour, it will redefine CBD living for generations to come," says Central Element managing director Nathan Chivas.
"Elizabeth Street stands as an emblem of Sydney's esteemed cultural and lifestyle hubs, and we are thrilled to have received the approved DA – a testament to the remarkable architects Glenn Murcutt and Angelo Candalepas.
"Together, our goal is to transform this site into a pivotal cornerstone of Sydney's future, and we are eager to share more about its captivating aesthetics and ambience in due course."
A spokesperson for the developer clarifies the development will be a full demolition and rebuild project.
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