Industry News Development

MLC Centre announces Flagship Valentino store as part of its $170 million transformation

MLC Centre Artist Impression

International luxury fashion house Valentino will unveil a new Australian flagship store as part of the mixed-use precinct at the MLC Centre. Taking Sydney’s most prestigious luxury retail address, Valentino will present a luxury fashion experience spanning two levels across 765m2 on the corner of Castlereagh and King Streets.

Dexus has commenced construction on a development that will transform the MLC Centre precinct into a vibrant community offering luxury and premium retail, services, dining, cultural and commercial spaces in the heart of the Sydney CBD. The circa $170 million MLC Centre project includes the delivery of approximately 6,000m2 of new and improved retail space across four levels and is supported by the existing office tower. The new investment follows the recent tower façade revitalisation project that ensured the building remains a landmark for decades to come.

Dexus Head of Retail Leasing, Eddie Giraldo said: “We are delighted to welcome Valentino as part of the transformation of the MLC Centre, with this brand setting the tone for Sydney’s renowned luxury precinct on Castlereagh Street.”

Artist Impression: MLC Centre, Castlereagh Street

Sydney has continued to position itself as Australia’s ultimate luxury shopping destination. This exciting addition to the CBD complements Dexus’s other strategically located sites in Sydney’s luxury precinct including 5 Martin Place and Tiffany & Co.’s Sydney flagship store at 175 Pitt Street.

Valentino is pleased to be part of the most important luxury shopping destinations in the region, with a boutique that creates a personal atmosphere while still maintaining the brand’s fundamental values of craftsmanship, romanticism and classical style. Valentino at the MLC Centre is scheduled to open in the first half of 2021.

The MLC Centre showcases a proud history with the building being a key city landmark since 1978. Architect, Harry Seidler, brought a sense of style and sophistication, beauty and refinement to his work. He understood the importance of providing spaces that bring the community together to connect and socialise.

Global firm Woods Bagot is designing the next evolution of the MLC Centre which will build on Harry Seidler’s design principles. The design plays on the geometry of the existing forms around the base of the tower to deliver a unique experience and revitalised public spaces.

The new mixed-use precinct will include:

  • New luxury and premium retail to Castlereagh and King Streets
  • A new plaza food and beverage precinct fronting Martin Place and a mix of retail and service providers within the building core
  • A new commercial tower entrance to be established on Castlereagh Street, improving connectivity for workers and visitors
Artist Impression: MLC Centre, Martin Place Plaza

The redevelopment also includes plans to revive the Theatre Royal with Dexus entering into a long-term lease with the NSW Government, paving the way for a private theatre operator to run the theatre.

MLC Centre is jointly owned by Dexus and Dexus Wholesale Property Fund (DWPF) and the building is managed by Dexus. The redevelopment of the MLC Centre mixed-use precinct is expected to be completed by the end of 2021. Project partners include Probuild (Builder), Woods Bagot (Architect) and Harry Seidler and Associates (peer review).

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