Dexus leverages its retail capabilities by repositioning and enhancing the city retail offer at the base of its office buildings across the Group.

This approach creates value through enhancing tenant amenity and contributes to the vibrancy of the cities in which the properties are located.

Approach

  • Dexus adopted a precinct planning approach to its Circular Quay properties, Gateway and Grosvenor Place, identifying potential for retail enhancements in line with developments in the properties’ broader precincts and potential to leverage future benefits from the arrival of the Sydney light rail
  • Identified the potential to open up the Circular Quay end of the CBD through a meticulously planned dining destination that would deliver a vibrant mix of day/night dining options at DWPF’s Gateway in Sydney
  • Achieved approval for a major $60 million redevelopment of the retail plaza at Gateway Sydney, converting the existing three storey retail podium into multiple dining precincts, doubling the retail space to more than 4,500 square metres
  • Undertaking a redevelopment of the piazza at Grosvenor Place alongside co-owners, offering a new indoor and outdoor food and beverage emporium to operate day and night and delivering a sophisticated dynamic to the Sydney’s northern CBD

Outcomes

  • Construction is well underway at both properties
  • Secured heads of agreement with 25 retailers at Gateway Sydney’s retail plaza headlined by Neil Perry’s The Burger Project and Chat Thai for new retail space, prior to opening in September 2016
  • Secured pre-commitments for five restaurants at Grosvenor Place’s piazza including Grand Duk, Lotus, representing 100% of the retail space, ahead of opening later in 2016