A new 47-storey hotel and apartment complex, complete with a rooftop infinity pool overlooking the harbour, is set to be built above a heritage sandstone building at the northern end of Sydney’s central business district.

Private developer Built and joint venture partner Irongate have submitted plans for the six-star hotel and apartment tower, which is estimated to cost up to $800 million. The tower, which will overlook the Botanic Gardens and Sydney Harbour, will be constructed above the joint venture partners’ sandstone building at 52 Phillip Street.

It will comprise 240 hotel rooms and 16 upmarket apartments, a block from Circular Quay.

Under the plans, the developers are seeking to lease the state government-owned 50 Phillip Street for 99 years, and combine it with their neighbouring 14-storey building known as Kusu House to create the new complex.

Built chief executive Brett Mason said the final cost was yet to be determined but he estimated that the price tag for the hotel and residential tower would be between $650 million and $800 million.

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“Our plans for a luxury hotel mixed-use development will do this while preserving the important history of 50 Phillip Street that reflect the unique 19th century architecture of the former NSW colony,” he said.

“Critical to the proposal is the careful heritage preservation and adaptive re-use of 50 Phillip Street, currently owned and occupied by the NSW Government.”

The developers said the proposal would not impact the neighbouring Chief Secretary’s building on the corner of Phillip and Bridge Streets.