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News release


An office and retail building adjoining Westfield Sydney is being offered for sale for the first time in 20 years

A boutique retail and commercial office building located at 75 Castlereagh Street in Sydney’s CBD is being offered for sale by public tender

​SYDNEY, 4 November 2014 – A prime office and retail building at 75 Castlereagh Street in Sydney’s CBD, adjoining Westfield Sydney and adjacent to Pitt Street Mall, is being offered for sale for the first time in 20 years. 

75 Castlereagh Street is home to Montblanc’s flagship retail store, with 10 upper levels of office space occupied by a diverse tenancy mix, ground-floor retail and a ground car park. The property is being offered for sale by public tender, closing 11th December 2014, exclusively through agents James Aroney and Ben Hunter of JLL.

According to Mr Aroney, JLL’s Director of Sales and Investments for NSW, “With the property on the market for the first time in two decades, this offering represents a rare opportunity to secure a highly desirable boutique retail and commercial building that’s recently refurbished.

“Castlereagh Street is regarded as Australia’s premium destination for international luxury retail. 75 Castlereagh Street is situated on a generous 1,062 square metre site and features longer-term development opportunities, including potential redevelopment into a substantial hotel or serviced apartment tower with a large retail podium. 

“A number of significant upgrades have been completed or are currently nearing completion, including the building’s entry foyer, lift lobby, air conditioning chillers and lift carts. In addition, a medium-term repositioning option is to reconfigure the retail component, extending over a larger section of the ground floor with the potential to incorporate Levels 1 and 2,” said Mr Aroney.
Architectural concept designs for 75 Castlereagh Street have been prepared by prominent Sydney architectural firm Daryl Jackson Robin Dyke Architects.  

According to Mr Aroney, there is significant growth for rentals in the Sydney CBD. “Currently the passing average rental is $475 per square metre gross at 75 Castlereagh Street. This offers tremendous rental upside and future capital growth potential. The surrounding buildings are currently leased at rentals well in excess of this. For example, current rentals in the adjoining property at 77 Castlereagh Street are above $700 per square metre gross,” said Mr Aroney.

The area offers significant amenity including Westfield, Pitt Street Mall, David Jones’ Flagship Department Store, Hyde Park and the Queen Victoria Building – all within a five-minute walk from 75 Castlereagh Street. The immediate locality provides an array of cafés, restaurants, food halls and entertainment venues.

“We anticipate this high-profile opportunity will attract both overseas and local investors looking for a prime investment and value-add opportunity in the heart of Sydney’s CBD,” concluded Mr Aroney.