Midnight $1.25m cocaine bust in Sydney

A man has been charged after police seized more than $2.5 million cash and 2.5 kilograms of cocaine in Sydney's CBD.

Police say they raided a Haymarket unit just after midnight, seizing 30g of cocaine, $10,000 cash, casino chips valued at $1750, more than $100,000 worth of watches, a money counter and documentation.

A search of a nearby Volkswagen SUV uncovered suitcases, boxes and bags containing more than $2.5 million cash and more than 2.5kg of cocaine.

A 28-year-old man was arrested at the unit and charged with knowingly dealing with the proceeds of crime and supplying a commercial quantity of a prohibited drug.

He was refused bail to appear in Central Local Court on Thursday.

Organised Crime Squad Commander Detective Superintendent Martin Fileman said the cocaine had an estimated street value of $1.25 million and was broken into small amounts, ready to be sold.