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A prestigious harbourside Sydney school wants to buy a public street from a cash-strapped council to make it easier for parents to drop off and collect their kids.

Sydney Church of England Grammar School, known as Shore School, wants to buy part of Edward Street from North Sydney Council.

No price details have been set for the street, which is in a prestigious spot close to Sydney Harbour.

Sydney Church of England Grammar School, known as Shore School wants to buy part of Edward Street from North Sydney Council.

The council would charge the school a $20,000 bond to look into the proposal.

Councillors will vote on the plan tonight at a council meeting, with recommendations for it to take a step forward and enter formal discussions.

A consultation with locals would also be held.

The school already owns all the buildings on the part of the road it wants.

The council says closing a public road is allowed if it's not "reasonably" required.

Sydney Church of England Grammar School, known as Shore already owns all the buildings on the part of the road it wants.

The school confirmed to 9News it has submitted an application to buy the part of the street next to its preparatory school campus

"This proposal is part of a broader initiative to improve traffic flow and enhance safety for students and families during peak drop-off and pick-up times," it said.

"The section of Edward Street in question is adjacent to existing school grounds and does not include any residential properties or homes."

Annual tuition fees at the boys-only school cost up to $46,000 a year, plus up to $35,000 to board.

The cash-strapped Council said earlier this year it was looking into cutting services and raising fees as the North Sydney Olympic Pool rebuild hit $122 million.

That could include charging revellers to watch New Year's Eve fireworks from the north side of the harbour.

Schools, churches and hospitals are usually exempt from paying council rates.

Plans to hike rates for locals by almost 90 per cent were shelved.

North Sydney Council confirmed it will discuss the proposal

"Council has an obligation to explore all financial options, but any decision to sell public assets will be made cautiously and only after further community consultation," a spokeswoman said.