The 15-storey tower, proposed by Johnathan Efkarpidis' Molonglo Group, would stand behind its current 221 London Circuit building, on the corner of Nangari Street and Rabaul Lane.

It would include ground floor retail, nine levels of above-ground carparking, one level of commercial office space and, on top, four storeys of serviced apartments.

The company's planning director, Gordon Lowe, said it was chiefly proposed to provide better car parking for tenants in the 221 London Circuit offices, as that tower was built in 1968.

While it was substantially refurbished in 2010, tenants still only have 36 car parks, and Mr Lowe said that if it had been built today, it would have needed at least 100 spaces provided.

But he said the company's motivation in building a mixed use development, rather than simply a carparking tower, was because it provided better urban outcomes for the city.

"The site is not a high profile nor prominent one, but nonetheless, people expect high quality design outcomes from the Molonglo Group and we are determined to meet that expectation.

"We believe that the design by Angelo Candalepas of Candalepas and Associates certainly meets, and indeed exceeds, that expectation."

A Colliers valuation lodged with planning authorities shows the property was valued at $9,910,000 before the development and $10,331,000 after, and the company had ticked the "yes" box for seeking a remission on its lease variation charges.

But Mr Lowe said the company had not yet formally sought remission, but if it did, it would likely be under the remission's energy efficiency criteria, rather than economic stimulus criteria, as "sustainable development is a principle we actively pursue".

He said that subject to approval, the company hoped to start construction on the site in 2018.