Cbus Property has begun construction of a new $1-billion-plus office tower after receiving approval in mid-2020.

The 58,000sq m office tower will reach 49 storeys and will straddle four addresses around the corner of Bourke and Queen streets. It will be known as 435 Bourke Street.

The development, which is anticipated to serve as a vertical village for more than 5500 city workers, is targeting a 6-star Green Star rating, 5.5-star NABERS Energy rating and a Platinum WELL rating, and will include a four-level wellness hub.