David Jones Food. Image: Ross HoneysettLK Property Group’s luxury flagship development Capitol Grand South Yarra has announced that David Jones will anchor the development’s retail precinct as part of the department store’s roll-out of its new premium David Jones Food brand, bringing its first standalone food store to Melbourne’s Chapel Street.
The Group has also revealed that Goldman Sachs is funding the project, two towers of luxury residential, retail and dining precincts, with construction a year in and due to be completed next year.
Executive Chairman of LK Property Group Larry Kestelman said he was pleased to be able to welcome David Jones to Capitol Grand and confirmed that the project has now achieved over $400 million in sales since the project was launched.
David Jones will lease nearly 500m2 of space in the Capitol Grand retail precinct, which faces Chapel Street and leads through to Toorak Road. The new format David Jones Food store at Capitol Grand will focus purely on food retail, with an emphasis on quality and convenience. The majority of the offer will be under the premium David Jones Food brand, including its new range of fresh prepared produce and ready meals. This follows the successful launch of its new premium food brand and new flagship food hall format at Sydney’s Bondi Junction in August 2017.
“In creating Capitol Grand South Yarra, we set out to bring a vision of international luxury, community and lifestyle to South Yarra and from the start, we enlisted the very best to help us achieve this tier one project,” Mr Kestelman said.
“‘I am very proud of Capitol Grand and what it will stand for in Melbourne and indeed Australia. Roger Poole from Bates Smart designed the project, Multiplex is well into construction and we can now add two fantastic companies to the team – David Jones and Goldman Sachs. They will help bring the vision of Capitol Grand to life”.
“These are all top names in their respective industries and residents will enjoy the benefits of this amazing project for years to come. Personally, I am looking forward to moving in to my apartment next year,” Mr Kestelman said.
Mr Kestelman added he is a proud Melbournian who wants to bring back high-street shopping and give people a sense of community, which is why the retail precinct is designed to integrate with the existing Chapel Street and Toorak Road street frontage.
“I’m a passionate Melbournian, and passionate about our culture, and a big part of that is the retail experience that is integrated with dining and the great atmosphere you have with the uniqueness of the high-street retail experience that Melbourne has been famous for since the 1850’s,” he said.
“You don’t get that in a shopping centre where you are not enjoying the community of where you live. That’s why when we designed Capitol Grand, we were committed to integrating it into the existing retail offering and we are delighted to be able to do this with David Jones.”
David Jones Chief Executive Officer, David Thomas said, “We are looking forward to introducing our new premium food offer at the heart of this exciting luxury development at South Yarra. Melbourne’s Capitol Grand will be the perfect home for David Jones Food with a natural brand alignment and a shared vision to provide a world class experience to our customers. We are confident the new David Jones Food proposition, particularly our high-end range of fresh convenience products, will resonate strongly with the local customer delivering value and a new level of food quality to the area.”
Kestelman added that there has been strong interest from other high-profile retailers with the retail precinct currently assessing over 50 premium brands who have expressed interest for just 20 remaining leases.
Capitol Grand South Yarra selling agent Christian Numa, Principal of Amity Property Group, said a special release for penthouse apartments will take place this year with some of the higher floors already snapped up early.
“Capitol Grand has certainly proved that the luxury property market in Melbourne is strong with over $400 million in sales achieved. The time is right for Melbourne to have a truly international-style luxury development. When Melbournians travel overseas for business, they can come back to South Yarra offering the best of our city,” Mr Numa said.
“We have had strong domestic and international interest in the penthouses as this is the tallest tower ever to be built in South Yarra at 50 storeys. It is unlikely that there will be one built at this height in this location ever again or anywhere outside the Melbourne CBD, and Capitol Grand is set to be an iconic building not just for South Yarra, but for Melbourne.”
Numa added that the retail element was a strong drawcard for buyers and the resident profile a significant incentive for retailers.
“Premium retailers have seen the profile of the Capitol Grand resident and, like David Jones, have shown interest based on the proximity to this demographic. We are over 75% sold and the buyer profile is majority owner-occupiers – this presents retailers with the opportunity to build a consistent relationship with luxury-brand consumers,” he said.
ABOUT CAPITOL GRAND
Rising high above the exclusive Melbourne suburb of South Yarra, Capitol Grand will combine six-star residences with luxury retail to create the ultimate lifestyle destination.
Designed by world-renowned architects Bates Smart, the development is comprised of two towers: Capitol Grand, which will house a three-level luxury retail precinct and a collection of sophisticated residences above; and the spectacular 50-storey LK Tower.
Capitol Grand will elevate service to another echelon. Residents in the exalted 35 apartments above level 32 in the LK Tower will have their own entrance, lift and access to the Azure Club, which will house a spectacular infinity pool. All residents will be able to enjoy facilities known as ‘The Deck’ where Jack Merlo designed gardens will include private cabanas and entertainment areas, as well as a private lounge. A 22-seat cinema room, a chef-style kitchen for private catering, and spa treatment rooms are also key features.
Residents of the Capitol Grand Tower will move in during early 2019, the same time that Capitol Grand’s retail precinct will begin trading. The entire project is scheduled to be completed by late 2019.
ENDS
Capitol Grand media enquiries:
Kristy McSweeney, The PR Counsel,+61 415 740 722
Kristy@theprcounsel.com