This article is from the Australian Property Journal archive
ITALIAN luxury fashion house Dolce & Gabbana will set up shop over two levels within the 25 Martin Place retail precinct, part Dexus’ $170 million overhaul of the tower previously known as the MLC Centre.
The transformation includes 6,000 sqm of high-end retail and dining space over four levels that is set to welcome anchor tenant luxury label Valentino before Christmas, as well as New Zealand Restaurant Good Group’s Botswana Butchery, Nour Group’s Aalia and Japanese restaurant, Kazan.
Dolce & Gabbana will occupy 366 sqm on the ground floor and an 89 sqm mezzanine. Valentino’s flagship will cover 765 sqm over two floors.
Dexus and its unlisted Dexus Wholesale Property Fund took full control two years ago of the Harry Seidler-designed 67 level A-grade tower and kicked off upgrade works a few months later.
Details of Dolce & Gabbana’s come weeks after Sydney Airport revealed Louis Vuitton would headline 12 new boutiques arriving next year at the country’s busiest airport.
On the same day, Sydney Airport announced retail sales in the first half fell 41% to $87.4 million on the prior corresponding period.
Boston Consulting Group estimated the sale of luxury goods dropped by 25% to 45% between last year as a result of the pandemic, but expects the industry will bounce back by as soon as 2023.
