Prestige retail duty free global powerhouse Lotte Duty Free has made its largest investment in Australia to date by signing a deal with Mirvac Retail to open a flagship store at 55 Market Street in Sydney’s CBD in early 2021.
“This location is in the heart of Sydney’s luxury retail precinct at the intersection of Pitt and Market Streets. We couldn’t have asked for a more premium location to showcase our quality curated offer,” Lotte Duty Free Oceania CEO Stephen Timms said.
The premium design fit-out will be delivered by Bates Smart.
Spanning across three levels, the store will occupy circa 3,000 square metres and will feature top beauty and skincare brands providing exclusive shopping for some of the finest luxury products; a prestige watches boutique; a fine and rare liquor and wine shopping experience; and a number of VIP services including concierge and limousine transfers to Sydney’s top hotels and dining.
55 Market Street is an A grade commercial building encompassing some 20,000 square metres of refurbished office space targeting a 5-star NABERS energy rating, together with a substantial high-end retail offering.
The highly sought-after location ensures a premium build for high end retail and commercial office tenants in the heart of the CBD.
It will include bespoke end of trip facilities, full refurbishment to the exterior retail facades and tenancies, ground floor office entrance lobby, and all office floors.
Fender Katsalidis Architects has designed the refurbished building with Built undertaking construction with TSA Project Management from October 2019.
Mirvac is responsible for the building redevelopment and are the Retail Leasing agents, with Knight Frank and Colliers Retail Leasing teams also on the project.
Mirvac fund manager, David Stabback, said the announcement of Lotte Duty Free, with its high-end offer was the perfect alignment to the high-quality commercial offering that will be coming to market this year with the redevelopment well underway.
This article was first published on retailbiz.com.au.