This article is from the Australian Property Journal archive
CBUS Property and Scentre Group have started construction on the $1 billion mixed-use development of the former David Jones department store in Sydney’s CBD.
Located on the Castlereagh and Market streets, the heritage redevelopment will feature high-end retail and premium commercial components within the existing building, while a new 22-storey luxury residential tower sits atop.
Designed by FJMT Studio, the former department store’s original sandstone and travertine façade will be retained, while its interior will undergo an inspiring transformation. A large central atrium will connect 11,500 sqm of premium office space with a luxury five-floor retail precinct as part the extension of Westfield Sydney.
The new residential tower will offer 101 apartments, which will be launched to market in early 2021.
“We are excited to commence construction on this landmark development, which will usher in a transformative new age of living, working and shopping at the heart of the city’s luxury shopping, parks and lifestyle district,” Cbus Property’s CEO Adrian Pozzo said.
Scentre Group’s director of development Stewart White said it was “excited to be embarking on the redevelopment of one of Australia’s most iconic retail buildings, which includes the expansion of Westfield Sydney and its preeminent retail offer.”
“Over the past decade, Westfield Sydney has evolved into an integral part of the city’s community, reflecting the lifestyle and aspirations of our global city,” he said. “This joint-venture redevelopment is the next horizon for this asset, creating a vibrant lifestyle destination with unparalleled luxury retail experiences.”
Construction of the retail and commercial components is expected to be completed in late 2022, with the residential tower to follow in the second half of 2023.
