COMMERCIAL PROPERTY, SALES & LEASING

Brookfield and Investa bag Bally for luxe precinct

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388 George Street is shaping up to be a new luxury fashion precinct in Sydney’s CBD, as Swiss brand Bally becomes a tenant of the redevelopment.

The luxury retailer has signed an eight-year lease for 406sqm of premium retail space within 388 George Street, which was recently redeveloped by Brookfield Properties and Oxford Investa Property Partners.

“We are delighted to see 388 George Street become an anchor point for the city’s newest luxury retail precinct. Bally is one of the world’s leading and long-standing luxury brands and puts 388 George Street on the map as a premium retail destination. We are proud to showcase one of the most sought-after brands in the world,” said Danny Poljak, executive vice president and co-head of Brookfield Properties.

The lease will see Bally relocating from its former Pitt Street location and taking up residence in the King Street fronting store, opening to the public in mid-2021 following new fit-out works which are scheduled to commence immediately.

“This is an exciting time for Sydney as key luxury retailers reposition their stores to benefit from the newly pedestrianised George Street and the premium position and accommodation provided by this outstanding development, said Bridget Fea, national retail director at Brookfield.

Brookfield and Oxford Investa undertook a $200 million redevelopment of 388 George Street, with construction delivered by Multiplex, which was completed in November of 2020.

Recently, Sydney’s first Locali by Romeo’s food market opened at 388 George Street, after Romeo’s Retail Group signed up to a 15-year lease for 1,600sqm of floor space. While a second Locali is set to open in the $2 billion Wynward Place development mid-year.

“These new retailers will put 388 George Street on the map as an iconic new CBD destination with a curated blend of high-quality prestige retail, combined with the everyday convenience of Locali’s elevated food hall concept. The retail podium redefines this busy CBD corner and complements the newly refurbished office tower, providing an exciting and enhanced amenity to the building,” said Nicole Quagliata, fund manager at Oxford Investa.

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