[tweet_dis]Sydney Businessman Victor Comino has recently acquired the former Darrell Lea Building in Sydney's George Street for $25 million.[/tweet_dis] The site is located on one of the CBD's most prominent retail corners.
The building at 396 George Street was previously owned by the Lea family, however it is now the home of Telstra's new "Discovery Store" which opened last year after undergoing more than $112 million in renovations.
The purchase makes it the third deal for Mr Comino who also owns the opposite flagship Apple store and the Louis Vuitton store.
As reported in the Australian Financial Review, almost every block between Town Hall and Circular Quay will undergo development in the next few years. George Street itself will be transformed, becoming pedestrianised over the coming years with the city's $2 billion light-rail project.
The upcoming projects and various refurbishments are in the works to meet the current demand for luxury brands and international retailers wanting prime space in Sydney's CBD.