The 111 Castlereagh Street development in Sydney’s central business district has seen off-the-plan apartment sales reaching values as high as $32 million, marking a significant milestone since sales began in mid-2021. The project, a redevelopment of the historic David Jones Menswear building acquired by Cbus and Scentre five years earlier, features a combination of restored heritage space and contemporary residential towers.

The first apartment sale recorded in May 2021 was priced at $1.9 million, representing the lowest transaction to date. The development includes a range of one-, two-, and three-bedroom residences, with prices for the final one-bedroom unit set at $2.2 million. Two-bedroom apartments are offered between $2.625 million and $5.9 million, while three-bedroom units range from $8.25 million to $9.35 million.

Officially opened in late August by Sydney Lord Mayor Clover Moore, the project comprises a 22-level tower designed by FJC Studio built atop the restored original building, which now houses commercial and retail spaces. Residents have access to amenities such as a rooftop garden, an open-air pool, a gym, and a dedicated dog park.

Among the buyers is Hunter Valley winemaker Lisa McGuigan, who purchased a 160-square-metre three-bedroom apartment for $8.5 million. The project has recorded seven sales exceeding $10 million, including a $13.7 million purchase by antique collector Edmund Braude in 2021. Braude later sold his Mosman family Federation mansion, Urunga, for $19 million two years afterward.

Rental offers for the development reflect its premium status, with three-bedroom apartments listed at approximately $5,000 per week. The 111 Castlereagh Street project illustrates a growing trend in luxury urban living within Sydney’s city core, combining heritage preservation with modern high-rise residential design.