The sophisticated sister of fast-fashion Swedish retailer H&M, Collection of Style (COS), has arrived in Sydney, snapping up a lease in the former Commonwealth Bank chamber known as the "money box", as part of the new-look development at 5 Martin Place.
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It is COS's second store in Australia, having opened an outlet in The Strand in Melbourne, which is next door to the former GPO in Elizabeth Street, in March last year.
The lease is also a reflection of the changing face of capital cities, where redundant buildings such as bank chambers and post offices are reborn as upmarket fashion stores and restaurants.
The first H&M store in Australia was opened in Melbourne last year in the former GPO landmark in Bourke Street Mall.
Martin Place has been earmarked as the new "piazza" in Sydney, where workers from law firms, stockbrokers, bankers at institutions such as Macquarie and the media at the Channel Seven studios can mix and mingle and enjoy an array of new restaurants and outdoor cafes. The strip will also benefit from the pedestrianisation of nearby George Street.
It is also the new cluster zone for the upmarket jewellers, including Tiffany & Co, Rolex and Breitling watches.
For high-end clothing, there is the popular Brooks Brothers men's wear store to cater for the smartly-dressed legal and financial fraternity.
The H&M offshoot, COS, is described as a minimalist style, and is targeted at the more mature age, which will fit the demographics for the office workers in Martin Place.
It was launched in 2007 and has emerged as H&M's most popular in-house brand. It is understood the COS site will be about 1200 square metres, which is the traditional boutique size store, and will join two other new retailers on the corner of Pitt Street and Martin Place.
It will join its younger "sister" H&M, which opens later this year in the former Glasshouse arcade at 150 Pitt Street.
The flagship H&M Sydney CBD shop will occupy 5000sqm over three floors further south in Pitt Street Mall's Glasshouse shopping centre, stocking everything from trendy fashions to sports wear with homewares and shoes.
Under the deal, Glasshouse co-owners Stockland and Investa Commercial Property Fund (ICPF) have drawn up plans for a $30 million redevelopment to welcome H&M to the CBD.
The new COS store is the first retail lease at 5 Martin Place, which is owned by DEXUS, Canada Pension Plan Investment Board and Cbus Property.
The new tower at 5 Martin Place, that sits adjacent to the former bank, near the MLC Centre, is anchored by the law firm Ashurst, together with Challenger investment managers and Evans and Partners, stockbrokers.
Other upmarket fashion houses that are looking for entry into Australia and have looked at Martin Place, among other location, include Massimo Dutti by Zara, Banana Republic by GAP, Agents Provocateur, among others, will also arrive.
Luxury food and beverage and lifestyle like EATALY, Dean & Deluca, LEGOLAND and department stores like Marks & Spencer, Debenhams, Harvey Nichols, among others are also coming.
