George Street pedestrianisation creating new luxury CBD precinct
388 George Street is rapidly becoming known as the Sydney CBD’s latest luxury fashion destination with the recent signing of Swiss luxury retailer Bally to the brand-new precinct, recently redeveloped by Brookfield Properties and Oxford Investa Property Partners (OIPP).
Bally has signed an 8-year lease for 406 square metres of premium retail space fronting King Street and will relocate from its previous Pitt Street premises. Fit-out works for the new store will begin immediately with the store opening scheduled for mid-2021.
Bally is a Swiss luxury brand established in 1851, with a rich heritage in shoemaking, and a longstanding relationship to architecture, arts and the environment.
388 George Street is owned and was developed by Brookfield Properties and Oxford Investa Property Partners (OIPP) as part of a $200 million transformation of the site that completed in November, 2020.
Danny Poljak, Executive Vice President & Co-Head of Brookfield Properties, said: “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.”
Bridget Fea, National Retail Director, Brookfield Properties, said: “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.”
The Bally lease follows the opening last week by Romeo’s Retail Group of Australia’s first ever Locali by Romeo’s – a European inspired food market. Locali delivers a contemporary fresh food market featuring a walk-in cheese room, fresh butcher and dry ageing room, commercial kitchen, dine-in café restaurant, continental delicatessen, Italian bakery, florist, and a liquor store – where customers can even try the wine before purchase.
Nicole Quagliata, Fund Manager, OIPP, said: “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.”
About 388 George Street
388 George Street sits on one of Sydney’s busiest intersections on what is fast becoming the George Street Boulevard. Outstanding transport options, easy access to some of the world’s best-known luxury brands and outstanding everyday amenity.
388 George Street was completely refurbished and reimagined in 2020, and the office space in the main tower now includes activated atriums to enhance connectivity, new ceilings, carpets, bathrooms, lift floor lobbies, new chillers, and on-floor amenities to enable highly productive 1:10 workspace densities. It is already home to Aware Super, with QBE joining in April 2021.
The ground plane and new pavilion building was designed by architects FJMT and provides five levels of commercial and retail space, a rooftop bar and flagship retail stores. It was designed to complement the rich history of the site, incorporating a custom-designed curved sandstone and glass façade inspired by the topography of the surrounding CBD landscape.
Media contacts: Brookfield Properties and Oxford Investa Property Partners
Karen Gampenov | The PR Partnership | +61 411 795 131 | firstname.lastname@example.org
Trish McGee | The PR Partnership | +61 478 056 338 | email@example.com
About Brookfield Properties
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 650 properties and nearly 325 million square feet of real estate in gateway cities around the globe on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up. For more information, visit www.brookfieldproperties.com.
Oxford Investa Property Partners (OIPP) is a A$2.3 billion portfolio of high-quality commercial office assets owned by Oxford Properties. Oxford is the strategic asset manager jointly managing the portfolio with Investa which provides investment, asset, property, project and development management services. The OIPP portfolio comprises 6 institutional grade office buildings located in Sydney and Melbourne. OIPP was formed after Oxford Properties’ $4.5 billion take-private acquisition of Investa Office Fund REIT in 2018.