Dexus has commenced construction on a development that will transform the MLC Centre precinct into a vibrant community offering retail, dining, cultural and commercial spaces in the heart of the Sydney CBD.
The circa $170 million project will deliver approximately 6,000 square metres 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.
The new retail offering will include:
‒ New luxury and premium retail to Castlereagh and King Streets
‒ A new plaza food and beverage precinct fronting onto Martin Place and a mix of retail and service providers within the building core
‒ A new commercial tower entrance will be established from Castlereagh Street, improving connectivity for workers and visitors
The redevelopment also includes plans to revive the Theatre Royal with Dexus entering into a 45-year lease with the NSW Government, paving the way for a private theatre operator to run the theatre.
SEE ALSO : GPT sells stake in MLC Centre for $800 million
“We value the contribution from the NSW State Government to assist in reopening the theatre which will improve the amenity in the precinct and add to Sydney’s night time economy,” said Darren Steinberg, Dexus CEO.
“The MLC Centre has proudly been part of the Sydney landscape since 1978 and this planned transformation will cement the location as a true mixed-use destination,” added Amanda Pierboni, Dexus Head of City Retail Development.
MLC Centre is jointly owned by Dexus and Dexus Wholesale Property Fund (DWPF) and the building is managed by Dexus. The project partners include Probuild (Builder), Woods Bagot (Architect) and Harry Seidler and Associates (peer review).
