Pacific Fair on the Gold Coast will be transformed into a world-class shopping destination with a major $670 million redevelopment to commence in January. This investment will create the largest shopping centre in Queensland and the fourth largest centre in Australia.
The new development will include a new Woolworths, a relocated full-line Coles supermarket (which will anchor the new fresh food marketplace), David Jones, Big W, around 100 new specialty stores and 1,300 additional parking spaces.
The centre will be completely integrated with a new two-level mall connecting the new and existing sections, adding 46,500 square metres of retail space. On completion Pacific Fair will be approximately 150,000 square metres and have more than 420 shops, restaurants and entertainment destinations under one roof.
AMP Capital Shopping Centres Managing Director Bryan Hynes said AMP Capital will create a truly exceptional luxury shopping and leisure experience that will attract residents as well as international and domestic tourists.
“The Gold Coast is Australia’s number one tourism destination with more than 11.5 million visitors each year, so attracting tourists is a key focus for the centre.
“Pacific Fair will be a Gold Coast ‘must-visit’, with a five-star resort ambience and a unique indoor/outdoor environment reflecting the Queensland lifestyle.
“While this will appeal to tourists, however, it will also provide residents with a truly exceptional local destination for shopping, dining, leisure and entertainment,” Mr Hynes said. As the fastest-growing region in Australia, the Gold Coast continues to rapidly attract new residents driven by lifestyle, climate and opportunity.
“AMP Capital saw an opportunity to grow and expand the centre to meet this predicted growth as we aim to provide investors with consistent outperformance on their investment.
“The project will boost the Gold Coast economy by creating around 1,600 construction jobs and 950 retail jobs on completion. We continue to look at opportunities for long-term investment in Queensland,” Mr Hynes concluded.
AMP Capital has appointed Westfield Design and Construction to build the development, with an expected completion date of late 2016.
Pacific Fair is managed by AMP Capital Shopping Centres and is owned by AMP Capital managed funds after acquiring the 40 per cent share formerly held by Westfield Group (WDC) and Westfield Retail Trust (WRT) in 2012.
Pacific Fair will become the largest shopping centre in Queensland and the fourth largest centre in Australia in terms of Gross Leasing Area (GLA) according to Shopping Centre News Big Guns 2013.