mlc-centre-25-martin-place-dexus-look-up-feature
Image – Wikimedia Commons.
  • 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.

25-martin-place-mlc-centre
The iconic MLC Centre building designed by Harry Seidler. Image – Canva.

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.

brisbane auto mall
Indooroopilly Shopping Centre in Brisbane will host the first AutoMall. Image – Supplied

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.

25-martin-place-mlc-centre-theatre-royal-sydney
The renewed Theatre Royal Sydney rendering. Image – 25 Martin Place website.

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.

25-martin-place-mlc-centre-renew-rendering
Rendering of refreshed MLC Centre precinct. Image – 25 Martin Place website.

“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.”




You May Also Like

“Sydney setting the pace”: CBD office rents march higher

Cushman & Wakefield’s quarterly Office Marketbeat reveals 2.9% quarter-on-quarter uplift in Sydney

Canberra office market shows impressive resilience and growth

The market is underpinned by low vacancy, large developments in the pipeline and strong rental growth

Accenture and Lendlease to expand data insights platform

The platform which uses AI and virtual reality will be expanded to increase digital and in-store visits.

Demand for life science assets on the rise in Australia

Australians are getting older and this is contributing to the increase in demand for life science assets across Australia

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Perth property market: The definitive guide to buying a modular home

Modular homes, misunderstood as inferior, offer efficient, durable alternatives to traditional construction methods.

The 50 square metre solution getting people into their first homes and delivering an answer to ...

Small, modular homes could be a key part of the broader solution to Western Australia's current housing challenges.

The hardest time ever to buy a house in Australia: How Australian home buying got ...

We're currently in a buyer's market, but that doesn't mean Australian house prices are crashing.