This article is from the Australian Property Journal archive
DEXUS has started construction of a $170 million overhaul of the retail component of the MLC Centre, introducing a 6,000 sqm luxury and dining precinct to Sydney’s CBD.
The largest office landlord in the country, Dexus acquired the remaining share the 67-level MLC Centre for $800 million from GPT earlier this year, before purchasing the 80 Collins Street commercial development in Melbourne in a $1.476 billion deal.
The new retail offering at the MLC Centre will include new luxury and premium retail to Castlereagh St and King St, a new food and beverage precinct fronting Martin Pl, and a mix of retail and service providers within the building core, while a new commercial tower entrance will be established from Castlereagh Street.
Luxury brand Tiffany & Co. recently opened its new Sydney flagship store encompassing 2,270 sqm of office and retail space over three levels within Dexus’ 175 Pitt Street building.
As part of the MLC Centre redevelopment, Dexus also plans to revive the Theatre Royal, with the group entering into a 45-year lease with the NSW Government that paves the way for a private theatre operator to run the theatre.
“We value the contribution from the NSW State Government to assist in reopening the theatre which will improve the amenity in the precinct and add to Sydney’s night time economy,” Dexus chief executive officer, Darren Steinberg said.
Designed by Harry Seidler, the MLC Centre was built in 1978 and Dexus will seek to acknowledge the architect’s work with design principles playing on the geometry of existing forms around the building’s base.
It is now jointly owned by Dexus and Dexus Wholesale Property Fund, and is managed by Dexus. Probuild has been appointed as builder, Woods Bagot as architects and Harry Seidler and Associates will peer review the project, which follows the food court and supermarket opening in 2015, and façade works in 2017.
The existing MLC Centre car park, food court, IGA supermarket and several other retailers will remain in operation throughout the redevelopment, which is expected to reach completion by the end of 2021.
