Visionary Investment Group, a Shanghai-based fund manager, has grand plans for the Sydney CBD office tower it agreed to buy from GDI for $156 million.

233 Castlereagh Street is slated to become a new residential, retail and hotel precinct with more than 500 units and a height of 235 metres, will rival Greenland Centre on Bathhurst St. The sale is conditional on GDI negotiating with council to lift a restrictive covenant, allowing for a bigger building envelope.