Ritz & Carlton, the world’s biggest luxury condo retailer, is expanding its footprint into the inner-city suburbs of Melbourne and the Gold Coast, according to its chief executive.
The company is the latest in a string of retailers to take up the mantle of luxury property in Australia, which is also home to the country’s second-biggest economy and the worlds biggest private prison population.
Ritz, which had its Australian headquarters in Sydney from 1999 to 2008, has opened an office in the suburb of Eastwood and plans to open a second in the inner Melbourne suburb of Dandenong.
will take over the existing Ritz Carlton in Melbourne’s northern suburbs, the Melbourne Herald Sun reports.
R& has a presence in the region for years.
In August, it also expanded its Melbourne office into the city’s inner-north.
“We have a long-standing relationship with the Gold, Crows, Tigers, Tigers Goldfields and Gold Coast regions,” said David Ayliffe, chief executive of R&s, in a statement.
“While we do not have an established footprint in the CBD yet, we are committed to providing a superior value to our customers in the regions around the CBD.”
The company also plans to launch a new office in Adelaide’s south-west in the coming months, and has plans to start building luxury homes in Sydney’s west by 2019.
Risheeda Shah, Ritz’s chief financial officer, said the company was investing in the suburbs in a bid to drive its luxury brand.
“Our new luxury home store will be in the heart of the CBD,” she said.
“It will be positioned to cater for a growing number of luxury home buyers in the future.”
Ayliff told the Herald Sun the company had recently started to expand into Sydney and Melbourne’s outer suburbs.
“I think the demand for luxury housing in the city is on the rise and we are really pleased to be able to provide that opportunity to our existing customers,” he said.