Behind the design of the new tower are long-time friends and colleagues Glenn Murcutt and Angelo Candalepas, who plan to use the views of the park and harbour to full effect.

Nathan Chivas said the developers would honour the building’s heritage and location in the “heart of the Hyde Park” precinct.

In the east, Bondi Junction is set for a $140 million luxury office tower, the first to be built in more than a decade. Sitting at 88 Ebley Street, the 4000-square-metre development is offering high-end commercial offices that would not look out of place in nearby Double Bay.

Known as Verdical Bondi Junction, the tower will be developed by Moshav Financial, which has commissioned Luigi Rosselli as the designer of the seven-storey site, and will offer “superior amenity, dedicated on-site parking, and far more convenient transport links for commuters”.

Co-listing agents Jake Fahd from TRG Commercial and Victor Negrine from Richardson & Wrench Commercial – Eastern Suburbs say interest is coming from large national companies and medical and medical cosmetics industries.

“Verdical will bring to life the southern precinct of Bondi Junction, with the ultimate convenience of being adjacent to Westfield shopping centre, with a short walk to the bus and rail interchange,” Negrine said.

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Fahd said that over the past couple of years some business owners had been looking to move their offices from the city to suburban locations.

“We think that Verdical is going to reinvigorate the suburban office market, and we will see the continued shift of higher-calibre tenants moving to more suburban offices to reduce commute times and allow for more flexible working environments,” Fahd said.

The project is expected to be completed in the fourth quarter next year.

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