Dexus $170m redevelopment adds to Martin Place renaissance

Dexus $170m redevelopment adds to Martin Place renaissance

14 June 2019

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 listed property giant, which now has full control of the iconic 67-level commercial and retail tower in Martin Place after buying GPT’s half-share for $800 million in March.

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.

Dexus CEO, Darren Steinberg said: “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.”

Dexus Head of City Retail Development Amanda Pieriboni added: “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.”

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.

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

Harry Seidler and Associates Director Penelope Seidler said: “I am so excited about the design of the new works proposed for the MLC Centre. The integrity of Harry’s original architecture is to be re-established and contrasted with new geometries of internally illuminated glass. The MLC Centre will become the glowing core of the centre of Sydney.”

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).

Throughout the development works the existing MLC Centre car park, food court, IGA Supermarket and several other retailers will remain open and in operation.

The redevelopment of the MLC Centre retail precinct is expected to be completed by the end of 2021.