The project will also include a 7-level vertical garden, which the developer believes will be the biggest in the southern hemisphere.
The new tower is mooted for an existing 3-level office building currently occupied by Holding Redlich.
Ubertas executive director Albert Dadon said of the development: “It will be reviving that end of town, which I think will do justice to this whole area, because I think [it] has been let down.”
“We’ve owned this site for quite some time and have been thinking long and hard as to how to work within the heritage rules,” he told the AFR.
The project will include a 9-level podium that will accommodate the car park and office space, an 11-level serviced apartment building, and the 22-levels of standard apartments which will have views over the gardens.