Sydney’s low office occupancy rates could get a much-needed boost after a private property developer won the backing of investment specialist Merricks Capital to build the world’s tallest hybrid timber tower in the heart of the city. The $2 billion partnership with Milligan Group will facilitate the construction of a 55-storey mixed use commercial tower on the corner of Pitt and Hunter Streets in central Sydney. The 220 metre building site will stand alongside the planned Hunter Street metro station, which is due for completion in 2030.

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