- MLC Centre to change name to 25 Martin Place
- Luxury brands and high end restaurants to anchor redevelopment
- Coincides with re-opening of Theatre Royal Sydney
At the corner of Castlereagh Street and Martin Place sits a number of architectural icons, one of which will soon be on the receiving end of $170 million worth of upgrades.
MLC Centre, a property that forms part of the Dexus (ASX: DXS) property portfolio, will soon change its name to 25 Martin Place as part of the first stage of renewals.
Retail real estate respite is on the horizon with shopping slowly seeing a return to some degree of normalcy.
Whilst that can’t be said for Melbourne as the lockdown extends for another week, the hope can be felt as far as Europe, Unibail-Rodamco-Westfield (ASX: URW) successfully raised €1.25 billion (AU$1.97 billion) through the issue of company bonds.
Some retail players are looking towards what today may seem quirky but in the future normality, like this “auto-mall” concept in Brisbane, bringing car shopping and everyday shopping together.
The Property Council of Australia also released its recipe for CBD revival at the end of March, including recommendations to reimagine unused spaces and provide more space activations.
Dexus’ move to refresh the iconic MLC Centre, now 25 Martin Place, compliments this strategy with new dining options which coincide with the re-opening of the Theatre Royal Sydney.
“…after extensive renovation, [25 Martin Place] will re-open as a symbol of our city’s renewal.”
Clover Moore, Lord Mayor, City of Sydney
“The first of the new retailers will open their doors later this year with the arrival New Zealand Restaurant Good Group’s Botswana Butchery, Nour Group’s Aalia and Japanese restaurant, Kazan.”
“… a wonderful revival that will help keep our city’s heart beating as we emerge from the impacts of the pandemic.”
Haute couture will also anchor the redevelopment.
“International luxury fashion house Valentino will unveil a new Australian flagship in time for Christmas.”
Dexus
The move is also a boon for the capital partner, Dexus Wholesale Property Fund, which recently acquired AMP Capital Diversified Property Fund.
“Together with our capital partner, Dexus Wholesale Property Fund, Dexus is making a significant investment in a great city asset to ensure 25 Martin Place continues to contribute to the CBD for years to come.”
