The face of Circular Quay is set for a $300 million revamp after the NSW government gave the go-ahead for the demolition of the former Coca-Cola headquarters and the development of upmarket apartments.

It is the final phase of the East Circular Quay redevelopment which began when the existing apartments and hotel were built on the site of an old car park.

An artist's impression of the new development of 71-79 Macquarie Street, Sydney. The site used to be the headquarters of Coca-Cola Amatil.

AMP Capital and Mirvac have been negotiating with the Planning Department and the City of Sydney since before Coca-Cola Amatil moved to North Sydney two years ago.

Under the scheme, the ugly office block at 71-79 Macquarie Street is to be demolished for a "world-class" residential tower and serviced apartments.