Tiffany & Co relocates Sydney flagship store to Pitt Street

Jeweller Tiffany & Co. has announced plans to relocate its Sydney CBD flagship store to Pitt Street after it was forced to move from 39 Martin Place due to NSW government's acquisition of the land there for the $10 billion metro rail project.

The newly designed store at 175 Pitt Street will also be at a corner location and is scheduled to open late 2018. The proposed three-storey flagship store will comprise 2,275 sqm of office and retail space. 

The Pitt Street store will be Tiffany’s tenth in Australia and third in Sydney after the Bondi Junction, Sydney International Airport stores. The jeweller also operates stores in Melbourne, Queensland, Adelaide, Perth and Auckland. 

“The new flagship will be a world-famous centre for luxury, style and sophistication that is synonymous with New York,” said Glen Schlehuber, vice president and managing director of Tiffany & Co. Australia and New Zealand. 

“We will transition to this new location from late 2017 to a temporary store within this site until the new flagship reopens in 2018.” 

“We have enjoyed over 22 years of successful growth in Australia, and Sydney is an important market for Tiffany globally,” he added.

Separately, DEXUS Property Group announced it has lodged a development application (DA) for the store, the listed real estate firm announced on Wednesday.

“We have worked collaboratively with Tiffany & Co. on this proposal, and if approved we look forward to continuing our long term relationship. The proposal potentially activates an identified repositioning opportunity within our city retail portfolio which will add significant prominence to the central Sydney luxury retail precinct,” said Stewart Hutcheon, DEXUS executive general manager, Retail and New Fund Development. 

Under the proposal with DEXUS, Tiffany & Co. would transition to a temporary store within this new location and a temporary office at 60 Castlereagh Street from late 2017 until the flagship store opens in 2018.