Sydney's most iconic department store has been reborn as 98 luxury apartments
One of Sydney’s most beloved landmarks has been transformed into one of its most talked-about addresses. The former David Jones men’s store on Market Street, built in 1938, has been reimagined as 111 Castlereagh, a $1 billion mixed-use development offering 98 luxury Sydney CBD apartments alongside high-end retail and premium office space.
The building sold to developer Cbus Property and Westfield owner Scentre for $360 million in 2016. A decade on, the result is a project that blends heritage restoration with contemporary apartment living at the heart of the city. If you are considering buying in this development or exploring the broader new Sydney apartment market, here is what you need to know about what is available and how the finance works.
Sydney CBD apartments
The development offers 98 apartments across a new 21-storey tower built above the restored heritage building. Sizes range from 62 square metres for a one-bedroom apartment to 463 square metres of internal space in the largest residences, with each apartment also including a semi-enclosed loggia for outdoor living.
Currently available are one-bedroom apartments from $2.2 million, two-bedroom apartments from $2.625 million and three-bedroom options from $6.9 million. The three penthouses and two sub-penthouses were purchased in 2021 for a combined $66 million, well before the official market launch. Buyers are expected to take possession later in 2026.
Demand has been driven by downsizers seeking a streamlined lifestyle close to everything the city offers, as well as buyers attracted by the prestige address and unique heritage identity. The luxury apartment features that add real value in this development, from the rooftop garden to the heated pool, set it well above the standard Sydney CBD apartment offering.
Heritage and design
Architect Richard Francis-Jones of fjc studio was selected through a design competition to lead the project. His brief was to honour the building’s 1930s interwar character while delivering a fully contemporary residential experience. The result is a development where traces of the original David Jones store appear throughout.
The residential entry corridor is clad in dark timber with travertine floors salvaged from the original store. Seven thousand five hundred timber rods are suspended from the ceiling for lighting, accompanied by blown-glass artworks by Aboriginal artist Alison Page. Lift doors carry the same 1930s interwar patterning from the original store, and fluted reveals echo what lift passengers would have seen decades ago.
Externally, the sandstone facade has been carefully restored, with heritage awnings and original detailing preserved. The result is a building that reads as both old and new, a quality that sets it apart from the generic glass towers appearing elsewhere across Sydney’s CBD.
Amenities and lifestyle
Residents at 111 Castlereagh have access to a heated pool, a gym, a yoga deck, a residents-only lounge and a private dining room with a boardroom. Climate-controlled wine storage addresses the practical needs of buyers who take that seriously, and a dog park reflects the lifestyle priorities of city downsizers.
The rooftop of the original heritage building has been transformed with landscaping and a meandering green walk, offering a genuine outdoor retreat in the heart of the CBD. Views from many of the apartments take in Hyde Park, St Mary’s Cathedral, the city skyline, the harbour and South Head.
For buyers relocating from larger suburban homes, the combination of premium outdoor space, full amenity and city proximity addresses many of the concerns that have historically made inner-city apartment living less appealing. As developer Chris Kakoufas of Cbus Property noted, Sydney is increasingly embracing the kind of city living that has long been standard in European capitals.
Finance for CBD buyers
Purchasing a luxury Sydney CBD apartment at these price points requires careful financial planning. Stamp duty is a significant upfront cost in New South Wales. For a $2.625 million two-bedroom, you should budget more than $130,000 in stamp duty on top of the purchase price. Use our stamp duty calculator to get a precise figure for the property you are considering.
Most major lenders will consider Sydney CBD apartments under standard residential lending criteria. At this price level, a 20 per cent deposit on a $2.2 million one-bedroom means $440,000 upfront before costs. Use our home loan repayment calculator to model your monthly repayments based on your deposit and current rates before you commit.
Pre-approval before signing a contract of sale gives you confidence and ensures your finance is confirmed. A mortgage broker can compare lenders to find the right loan structure for your situation, whether you are buying as an owner-occupier or as an investment property.
Common questions
Q: Can you get a home loan for a Sydney CBD luxury apartment like 111 Castlereagh?
Yes. Most major lenders will consider luxury Sydney CBD apartments under standard residential lending criteria. The key factors are your deposit size, income and the specific property details. At these price levels, a broker can compare lenders and structures to find the most competitive terms for your situation before you sign a contract.
Q: What costs should I budget for beyond the purchase price?
Beyond the purchase price, budget for stamp duty, building and pest inspections, legal and conveyancing fees and any strata levy assessments. In New South Wales, stamp duty on a $2.6 million property adds more than $130,000 to your total outlay. Your broker can walk you through the full cost picture so there are no surprises on settlement.
Q: Is 111 Castlereagh a good investment property?
111 Castlereagh offers strong investment credentials given its prestige heritage address and proximity to major CBD employers and attractions. Rental demand for well-located Sydney CBD apartments with premium amenity has historically been robust. Whether it suits your portfolio depends on your overall strategy, tax position and borrowing capacity, which a mortgage broker can help you assess.