An ambitious overhaul proposal for Sydney's Wynyard precinct has joined the ranks of major redevelopments of the city's downtown properties.

Brookfield Office Properties has submitted an ambitious $1 billion revamp plan to the NSW Department of Planning and Infrastructure for the Wynyard station area in Sydney, encompassing both the Menzies Hotel and Wynyard Park.

The plan envisages the transformation of the Wynyard precinct into a key transportation hub for the CBD area, connecting with the proposed Wynyard Walk which will extend from Clarence Street to the $6 billion Barangaroo development.

At the centre of the overhaul of Wynyard precinct will be One Carrington Street, a premium-grade 27-floor tower with net lettable office space of 58,000 square metres, which will be designed by London’s Make Architects. The tower will also include four floors of retail space covering an area of approximately 5,000 square metres, and will connect to both Wynyard Park and George Street.

“The One Carrington Street project will see the regeneration of the Wynyard precinct through a new development, which will invest in excess of $1 billion dollars in the heart of Sydney, with significant economic benefit to the City and New South Wales,” said Kurt Wilkinson, president and chief operating officer Australia of Brookfield Office Properties.

Ian Lomas, Make Architect’s project director for One Carrington Street, said the development will have a transformative impact on Sydney’s downtown area while seeking to take advantage of its existing advantages and assets.

“The route between Wynyard Station, George Street and the Hunter Connection will give the city a new urban space, with the generosity associated with all great stations around the world,” said Lomas. “The new office will be sculpted to optimise views to and from the building – each elevation is different to complement and enhance the city’s skyline.”

The plan is just one of several major developments in the Sydney downtown area, including Grocon and Markham Corporation’s $2.5 billion Darling Harbour revamp and AMP’s proposed $1.8 billion upgrade of its properties in Circular Quay.

Wilkinson nonetheless believes that Brookfield’s proposed overhaul will stand out amongst its peers as a result of its core location.

“For us, it puts us right at the centre of Sydney,” he said.