Plans for redevelopment.
Scentre Group and Cbus Property have purchased the David Jones Market Street building in Sydney’s CBD for $360 million. The pair plans to develop the building into a luxury retail space and residential tower.
David Jones will continue to occupy the site until late-2019 under a lease agreement. During this period, co-owners Scentre and Cbus will obtain the necessary approvals to redevelop the site when David Jones vacates the building.
Upon completion, the redeveloped 77 Market Street site will comprise approximately 10,000 square metres of luxury retail space integrated with Westfield Sydney, and Cbus Property will convert the balance of the existing building to provide quality office space and develop a luxury residential tower above.
Scentre Group CEO, Peter Allen commented, “This transaction is a rare opportunity to significantly expand our flagship Westfield Sydney centre.”
“The 77 Market Street site will provide the opportunity for further luxury retail and high-quality food, which combined with our existing Westfield Sydney and David Jones’ planned $200 million investment into the adjacent Elizabeth Street store, will reinforce the precinct as Sydney’s pre-eminent luxury retail destination,” he added.
Cbus Property CEO Adrian Pozzo said the property would provide another “excellent opportunity for Cbus Property to demonstrate its core capabilities in residential and commercial development in what will be a vibrant mixed use building in an exciting location with unrivalled amenity.”