Home » Cbus Property and Scentre Group commence works on $1 billion landmark development in Sydney
Industry News Feature Stories Development

Cbus Property and Scentre Group commence works on $1 billion landmark development in Sydney

Cbus Property and Scentre Group have commenced construction on their $1 billion mixed-use development of the former David Jones department store at the corner of Castlereagh and Market Streets in the heart of Sydney’s CBD.

Set within the luxury retail precinct and near historic Hyde Park, the joint venture development will transform Sydney’s CBD skyline with a curvilinear tower seemingly arising from the heritage building below.

The heritage redevelopment will feature high-end retail and premium commercial within the existing building, while the new 22-storey luxury residential tower will be added above with podium gardens and views across Sydney Harbour and Hyde Park.

Scentre Group has also been appointed to build the joint venture project, designed by award-winning architects fjmt studio. The news comes after Cbus Property and Scentre Group received development consent from the City of Sydney earlier this year.

“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 Chief Executive Officer, Adrian Pozzo, said.

He went on to thank the City of Sydney Councilors and Lord Mayor Clover Moore for their endorsement of the innovative project that will set a new standard in customer experience.

“The 111-121 Castlereagh development is a timeless symbol of transformation. It celebrates the history and legacy of the former David Jones department store, whilst also offering unparalleled amenity for future residents, workers and customers,” Pozzo said.

The commercial space will be visibly connected to the highly anticipated extension of Westfield Sydney below

Scentre Group’s Director of Development, Stewart White said the company 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. Our team is thrilled to be appointed as the Design & Construction contractor for the development in partnership with Cbus Property, showcasing our diverse design and construction capabilities.”

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 11,500m2 of premium office space with a luxury five-floor retail precinct as part of the highly anticipated extension of Westfield Sydney.

Corner of Market and Castlereagh Street Sydney

The new 22-storey luxury residential tower above will offer a rare collection of 101 exceptional residences and penthouses, with outstanding amenities including a private swimming pool, outdoor terrace, gym, cellar, multi-function spaces and extensive podium gardens. The residences will be launched to market in early 2021.

Colliers International has been appointed to act as the exclusive selling agent for 111 Castlereagh (residential) and leasing agent for 121 Castlereagh (commercial).

Construction completion of the retail and commercial components is forecast to occur in late 2022, with the transformative residential tower to follow in the second half of 2023.

About the author

Avatar photo

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment