A new multi-residential project in Sydney's Surry Hills will provide contemporary luxury living while still paying homage to the suburb's rich heritage.

The name and first glimpses of the $60 million makeover that will transform a derelict service station in Sydney into a luxury retail and residential apartment building has been unveiled by AVID Property Group (AVID).

The name and aesthetics of the six-storey project on Flinders Street, The Rathbone, are a tribute to the Rathbone Terraces that were a feature of the Surry Hill surrounds in the early 1900s.

“We’ve worked with some of the best local designers to develop an innovative project that is both sensitive to the established terrace housing and heritage that Surry Hills is famous for,” says AVID Property Group CEO Cameron Holt.

“AVID is aiming to achieve a high sustainability score for The Rathbone, which means, where possible, we’ll be including materials with a high level of recycled content, low volatile organic compound paints, natural ventilation, and extensive landscaping.”

AVID anticipates construction for The Rathbone will commence by early 2019, with completion expected mid-to-late 2020.

The area will be transformed from its current unsightly state to include a number of retail spaces on the ground floor, and 28 luxury apartments.

The project will comprise of one, two and three-bedroom apartments and include single and multi-level designs that will incorporate open plan living areas to make the most of natural lighting.

“Committed to building a residential community that demonstrates sustainability in design and caters towards an array of lifestyle needs, The Rathbone is set to embody all that AVID strives to achieve – creating a vibrant and engaging sense of place where people want to live and in close proximity to work,” says Holt.

The project was approved by the City of Sydney in July and marks AVID’s debut into the Sydney apartment market.

The design team for the project was announced in late 2017, and includes leading architecture firm Scott Carver, SJB Interiors and specialist branding agency, The Property Agency. Sales will be managed by CBRE Residential.