AMP Capital has opened the Pacific Fair centre on the Gold Coast, Queensland’s largest leisure and fashion destination, following a major $670 million redevelopment.
Construction commenced in January 2014 and the redevelopment added 50,000 sqm, increasing the centre to 155,000 sqm, making it the largest shopping centre in Australia.
There are now 420 stores including David Jones, H&M, Uniqlo, Zara and Sephora, Aje, Alice McCall, Bul, Camilla, Camilla & Marc, Carla Zampatti, Dion Lee, Manning Cartell, Sass & Bide, Scanlan Theodore and Zimmermann.
The centre also boasts the largest concentration of luxury retailers of any shopping centre in Australia, including high-end European brands such as Givenchy, Gucci, Hermes, Louis Vuitton, Prada, Salvatore Ferragamo and Tiffany & Co.
Pacific Fair is managed by AMP Capital Shopping Centres and owned by the AMP Capital Diversifed Property Fund and the AMP Capital Retail Trust.
AMP Capital CEO Adam Tindall said the redevelopment of Pacific Fair is the result of a long-term vision shared with AMP Capital’s investors, which has now become reality.
“I am very proud of what has been achieved at Pacific Fair. Many people have been involved in this project and created a must-visit destination on the Gold Coast, with a five-star holiday resort ambience and a unique indoor/outdoor environment reflecting the local lifestyle.
“Finding opportunities that create value for our investors is what we do. Pacific Fair is a prime example of AMP Capital at its best, delivering a high quality, world class asset that will provide our investors with strong, long-term investment performance. Significant projects such as Pacific Fair are only possible with the support of our investors and in creating the new Pacific Fair, we were supported by international and Australian investors of long-term vision. We thank them for their faith and we look forward to continuing deep and rewarding relationships with them,” he added.
Tindall said Pacific Fair’s completion is a major milestone for AMP Capital, with other major projects planned or underway across the country including the redevelopment of Garden City and Karrinyup shopping centres in Perth, and Sydney’s recently-completed 200 George Street and the planned Quay Quarter precinct.
Australian Property Journal
