’s premiere destinations for luxury shopping. “The co-owners of the MLC Centre, QIC and GPT, also recognise there is a strong demand for integrated destinations within the CBD that reflect the city’s world-renowned status as a global hub of commerce, retail and entertainment,” Faddy said.   The first stage of the redevelopment has been completed and features a new food court including several premium food retailers, such as Neil Perry’s Burger Project, Bun Me, Schnitz and an IGA supermarket. The owners are yet to confirm which brands will move into the redeveloped retail precinct at the MLC Centre, but expect to provide ‘more details on the layout of the retail precinct towards the end of the year’. The centre has seen an increase in foot traffic of over 40 per cent since the completion of the food court. “This development is about creating a globally relevant space of immersion and entertainment that invites people to come and spend time at the destination,” said Faddy. “By creating that experience and repositioning our retail offer, we expect the retail redevelopment will result in more visitors to the MLC Centre who want to linger.” Faddy said the refurbishment will create a vibrant location in Sydney’s CBD for workers and visitors to shop, socialise and enjoy cultural events. “The redevelopment of the MLC’s food and retail precincts, refurbishment of the Theatre Royal and planned upgrade of Martin Place will see the MLC Centre become one of Sydney’s pre-eminent destinations that reflects the vision of Harry Seidler and befits Sydney’s global status.” Luxury jewellery retailer, Bunda, has relocated from the Hilton building on George Street to take up a position at the redeveloped MLC centre on Castlereagh Street, in a boutique space that formerly housed luxury brand, Cartier. Bunda will be trading from the first week in April, housed between high-end names Omega and Jimmy Choo. “MLC reached out to us late last year, as the space was available and MLC wanted to maintain the premium identity along Castlereagh St,” Bunda founder and creative director, Ben Bunda told Inside Retail Weekly. “The timing is fortuitous, as the light rail construction along George St has been extremely disruptive to business, and it will be extremely unsettled until the project is completed, which won’t happen until 2020.” Bunda’s new location holds several positive features with the new shopfront opening directly onto the busy thoroughfare of Castlereagh Street. “The MLC has a solid reputation as a premium retail destination; Castlereagh Street has for a long time been known as a premium shopping strip, but recently it has become quite clear that it is evolving into Australia’s premier luxury and international shopping strip. “The higher foot traffic of Castlereagh St, and the convenience of the location for both existing and new clients is a major drawcard.” The new location is expected to generate “immediate increases to revenue” as the jewellery retailer looks to establish itself in the new luxury precinct, with global luxury brands including Tiffany, Bvlgari, Dior and Chanel already in the vicinity. “We expect to increase our customer base quite considerably, which would stand us in very good stead for the long-term also,” said Bunda. “We have a tradition of short-term success leading to long-term success, and every move we have made since the business was founded in 1969 has been a positive one.” Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.