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25 March 2019
Scentre Group together with Cbus Property, have lodged a stage-two development application with The City of Sydney to transform David Jones’ 77 Market Street site into a $300 million luxury destination.
The highly-anticipated plans will see David Jones vacate in mid 2020 relocating their iconic food hall to Elizabeth Street.
The proposal includes six levels of high quality, A-grade office space, a striking, 22-level luxury residential tower with views overlooking Hyde Park and Sydney Harbour as well as prime luxe retail space.
Scentre Group Chief Operating Officer, Greg Miles, said “At the heart of these plans is the unequalled opportunity to transform an iconic site from Sydney’s past into a contemporary precinct offering experiences and ambience that reflect the lifestyle and aspirations of our global city.”
“We have seen strong growth in luxury retail at Westfield Sydney, with the centre currently experiencing a wave of luxury brand rejuvenation, expansion and renewal. Since 2010, we have tripled the number of luxury retailers at Westfield Sydney and our flagship centre is now home to over 36 luxury and international brands.”
If given the go ahead, the development will join a list of planned projects in the CBD’s north-east.
The site was purchased in 2016 for $360 million from the South African-based owners of David Jones.