GPT has officially opened the $300 million expansion of Highpoint shopping centre, unveiling a new David Jones department store as well as Topshop and Zara.
This is the first DJs to open in Melbourne’s West and GPT also boasted that it is the only shopping centre in Australia to have both Topshop and Zara under one roof.
CEO Michael Cameron said the development had been delivered on time, on budget and featured the biggest names in Australian and international retail.
“Highpoint is now one of the largest shopping centres in the country. The 100 additional retail offerings take the total number of stores to around 520 and the number of parking spaces to more than 7,000.
“This expansion has been years in the planning and we knew it would work because we went out to the community and asked them what they wanted,” he added.
The new Highpoint expansion is spread over two levels and 14,000 sqm, and in addition to DJs, Topshop and Zara, the other retailers include Samsung, Vince Camuto, Tommy Hilfiger, Sass & Bide, Gorman, Country Road, Seed, Alannah Hill, Chanel2 and Mecca Maxima.
Cameron said the development provides important organic growth for the 50% owner GPT Wholesale Shopping Centre Fund and takes the size of the fund’s portfolio to over $3 billion. GPT Group owns more than 16% of the asset on balance sheet and the remainder is owned by the Besen family’s Highpoint Property Group.
HPG’s managing director Terry Christofides said the new DJs mall completed what the founders had envisaged for the centre.
Property Review
