Valentino unveils new flagship store at MLC Centre

Valentino unveils new flagship store at MLC Centre

15 November 2019

International luxury fashion house Valentino will unveil a new Australian flagship store at the Sydney landmark the MLC Centre.

Dexus has commenced construction on a development that will transform the MLC Centre precinct into a vibrant community offering luxury and premium retail, services, dining, cultural and commercial spaces in the heart of the Sydney CBD.

Taking Sydney’s most prestigious luxury retail address, Valentino will present a luxury fashion experience spanning two levels across 765 square metres on the corner of Castlereagh and King Streets.

Dexus Head of Retail Leasing, Eddie Giraldo said: “We are delighted to welcome Valentino as part of the transformation of the MLC Centre, with this brand setting the tone for Sydney’s renowned luxury precinct on Castlereagh Street.”

Sydney has continued to position itself as Australia’s ultimate luxury shopping destination. This exciting addition to the CBD complements Dexus’s other strategically located sites in Sydney’s luxury precinct including 5 Martin Place and Tiffany & Co.’s Sydney flagship store at 175 Pitt Street.

Valentino is pleased to be part of the most important luxury shopping destinations in the region, with a boutique that creates a personal atmosphere while still maintaining the brand’s fundamental values of craftsmanship, romanticism and classical style.

Valentino at the MLC Centre is scheduled to open in the first half of 2021.

The circa $170 million MLC Centre project includes the delivery of 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 mixed-use precinct will include:
‒ New luxury and premium retail to Castlereagh and King Streets
‒ A new plaza food and beverage precinct fronting Martin Place and a mix of retail and service providers within the building core
‒ A new commercial tower entrance to be established on Castlereagh Street, improving connectivity for workers and visitors

The redevelopment also includes plans to revive the Theatre Royal with Dexus entering into a long-term lease with the NSW Government, paving the way for a private theatre operator to run the theatre.

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

The Sydney Morning Herald reports that the new Valentino store adds to Tiffany & Co.’s Sydney flagship store at 175 Pitt Street and the under-development Louis Vuitton store on the corner of George and King streets.

Scentre group and Cbus Property are also undertaking plans to redevelop the site at 77 Market Street, which is currently the David Jones menswear store.

Matt Hudson, the head of retail leasing and national director at Cushman and Wakefield, said the upmarket brands are taking larger stores to focus on customer experience.

“As evidenced by Valentino and Hermes, flagship stores in high street locations are at a premium with proximity to Castlereagh Street and exposure to King Street,” Mr Hudson said.