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,” Mr Pozzo said.
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 11,500 square metres of premium office space with a luxury five-floor retail precinct as part of the highly anticipated extension of Westfield 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.