Mirvac Group submitted a development application to Brisbane City Council proposing the mixed-use development on February 13.

The council approved the development on Tuesday.

The development would significantly change the CBD skyline as the new tower would be 24 storeys higher than the Primary Industries building currently on the site.

An application to demolish the existing building at 62-80 Ann Street was submitted to the council on March 8, but a decision was pending.

As part of the application for demolition, the creation of a temporary park was also proposed.

There was also a two-storey masonry building and a timber-framed market shed on the site but they would be preserved as they are heritage listed.

The former-state government-owned building was sold to a Singaporean developer for $65.2 million in 2015.

The Australian Financial Review reported Mirvac agreed to buy the buildings from the developer for $79 million in 2017.

The agreement hinges on Mirvac securing Suncorp as the major tenant for the new tower.

The approved building, designed by Woods Bagot, would primarily be office space but would also have retail, car parking, outdoor space and end of trip facilities.

A council spokesman said the approved building was one of the few buildings in Brisbane to achieve a six-star environmental sustainability rating.

"Once constructed, the building will feature several open-air gardens throughout the building, as well as laneway market-style retail areas on the ground and first floors," he said.

Mirvac declined to comment.