Leading the renaissance of luxury retail in the Sydney CBD will be the prestige retail duty free global powerhouse Lotte Duty Free signing a deal announced today by Mirvac Retail to open its Flagship store early next year at 55 Market Street Sydney.
Globally the Korean company is the world’s largest duty-free operator, and already has a strong foothold in Australia through its acquisition of JR Duty Free, however this first presence in the all dominant Sydney market for international visitors, will be their first ground up build and represents their largest investment to date in Australia.
“This location is in the heart of Sydney’s luxury retail precinct at the intersection of Pitt and Market Streets. We couldn’t have asked for a more premium location to showcase our quality curated offer,” said Lotte Duty Free Oceania CEO, Stephen Timms.
Exuding their premium and luxury offering will be a world class fusion of East and West in a luxurious design fit-out delivered by Bates Smart.
Spanning across three levels, the prestigious store will feature top beauty and skincare brands providing exclusive shopping for some of the finest luxury products; a prestige watches boutique; a fine and rare liquor and wine shopping experience; and a number of VIP services including concierge and limousine transfers to Sydney’s top hotels and dining.
Lotte Duty Free will occupy approximately 3,000m2 in 55 Market Street. Construction is now underway with an anticipated opening in early 2021.
Mirvac Fund Manager, David Stabback said the announcement of Lotte Duty Free, with its high-end offer was the perfect alignment to the high-quality commercial offering that will be coming to market this year with the redevelopment well underway.
55 Market Street is an A grade commercial building encompassing some 20,000m2 of refurbished office space targeting a 5-star NABERS energy rating, together with a substantial high-end retail offering. The highly sought-after location ensures a premium build for high end retail and commercial office tenants in the heart of the CBD. It will include bespoke end of trip facilities, full refurbishment to the exterior retail facades and tenancies, ground floor office entrance lobby, and all office floors.
Fender Katsalidis Architects has designed the refurbished building with Built undertaking construction with TSA Project Management from October last year.
Mirvac are in charge of the building redevelopment and are the Retail Leasing agents, with Knight Frank and Colliers Retail Leasing teams also on the project.