Ferrari crashes into luxury jewellery store in Sydney CBD

A Ferrari crashed into Van Cleef & Arpels in Sydney. Photo / News Corp Australia

An expensive shop and an expensive car make for one hell of a damage bill.

A Ferrari crashed into a luxury shopfront in Sydney's CBD this afternoon.

The accident happened at Van Cleef & Arpels, a luxury jewellery store, on the corner of Market and Castlereagh streets just after 3pm today.

It's unclear what caused the accident but the car reportedly narrowly missed a family.

The driver was treated at the scene by paramedics, news.com.au reports.

A witness told The Sydney Morning Herald the car skidded into the window near the Market Street David Jones department store.

A witness said it was a miracle no one was hurt. Photo / News Corp Australia

"I was sitting at my desk and heard a loud noise of wheels turning – I rushed to the window and saw the vehicle come around. It was a huge crash," Grace O'Grady said.

"It was such a loud explosion – it was really terrifying. The street was so busy, there were a few hundred people around.

"His windscreen was shattered, he was totally shaken."

She said the man hit bins which prevented further disaster, with a little boy walking along the street at the time.

"If it wasn't for those bins, the child would have been hurt. It was just shocking – it could have been a major fatality," she told the website.

The driver was arrested and is assisting police with their inquiries.