AMP Capital kicks off $670 million redevelopment of Pacific Fair
Pacific Fair on the Gold Coast will be transformed into a world-class shopping destination with a major $670 million redevelopment to begin next month.
The investment will make it the largest shopping centre in Queensland and the fourth largest in Australia.
The redevelopment 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 integrated with a two-level mall connecting the new and existing sections, adding 46,500 square metres of retail space.
On completion Pacific Fair will cover 150,000 square metres with 420 shops, restaurants and entertainment destinations under the one roof.
AMP Capital Shopping Centres managing director Bryan Hynes said AMP Capital will create an exceptional luxury shopping and leisure experience that will attract residents as well as international and domestic tourists.
“The Gold Coast is Australia’s No. 1 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’ destination with five-star resort ambience and a unique indoor/outdoor environment reflecting the Queensland lifestyle.
“While this will appeal to tourists, it will also provide residents with an exceptional local destination for shopping, dining, leisure and entertainment.”
As the fastest-growing region in Australia, the Gold Coast continues to rapidly attract new residents for its lifestyle, climate and opportunity, Hynes said.
“AMP Capital saw an opportunity to grow and expand the centre to meet this predicted growth as we aim to provide investors with consistent performance 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.”
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% share formerly held by Westfield Group and Westfield Retail Trust in 2012.