Han’s 66-storey Sydney tower get

An artist’s impression of the local skyline after the development.

Another skyscraper is set to grace Sydney’s skyline after China’s Han’s Group received stage one approval to proceed with its $1.5 billion mixed-use redevelopment of a 5914 square metre block bounded by Pitt, Liverpool and Castlereagh Streets in the CBD.

It is understood the proposed 258-metre, 66-storey tower at 338 Pitt Street could accommodate up to 700 apartments, although the final composition of the building is yet to be finalised.

At this height, the tower would eclipse Meriton’s World Tower and Chinese group Greenland’s new apartment tower Greenland Centre, both about two blocks away.

The Central Sydney Planning Committee gave the nod to turn the block, made up of several commercial buildings at 332-336 and 338-348 Pitt Street, 241-243, 245-247 and 249-253 Castlereagh Street and 126 Liverpool Street, into 85,000sq m of new gross floor area. Han’s acquired the buildings from Visionary Investment Group two years ago.

‘‘Hans is very pleased to reach this major milestone, which the team has been working towards since 2015, to gain approval for the project. We are committed to delivering a landmark building in the heart of the Sydney mid-town precinct,’’ Hans Global investment director Margaret Ouyang said.

The stageone approvalwill pave the way for a design competition in 2018 followed by a final approval in 2019.

The indicative scheme for the project includes four basement levels for parking, retail uses on the ground and first floors, a possible 300-room hotel from levels 2 to 10, commercial spaces at the four Pitt Street levels, and apartments between levels 6 and 66.

One of the key requirements of the approval is a ‘‘high level of activation of the ground floor near Dungate Lane’’, consistent with City of Sydney’s plans to liven up lanes around the CBD. Dungate Lane would be extended to connect into Pitt Street.

‘‘The tower will create a whole new centre of commercial and retail activity in the precinct. The development is of a similar scale to the World Square site,’’ said Touchstone Partners’ Stephen Sanlorenzo, who is handling the project.

Han’s Group, founded in 1996, is based in Shenzhen, China. It owns and develops commercial and residential properties to the tune of $6 billion including the Hilton Garden Inn in Chelsea, New York and the Luzern Palace in Switzerland.