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AMP Capital has unveiled Queensland's newest and largest leisure and fashion destination, Pacific Fair on the Gold Coast, following a major $670 million redevelopment of the centre.
A unique shopping experience has been created to attract international and domestic tourists and residents, with the largest concentration of luxury retailers of any shopping centre in Australia. Brands in the redeveloped centre include Givenchy, Gucci, Hermes, Louis Vuitton, Prada, Salvatore Ferragamo and Tiffany & Co.
At an exclusive red carpet event last night, a performance by the Queensland Ballet kicked off the ribbon cutting by AMP CEO Craig Meller and City of Gold Coast Mayor Tom Tate.
AMP Capital CEO Adam Tindall hosted the proceedings, and 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.
Mr Tindall said: "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.
"The inspiring experiences the new Pacific Fair will create for the Gold Coast is testament to the hard work and commitment of many people across our business, and is a great outcome for investors, retailers and shoppers alike."
Managed by AMP Capital Shopping Centres and owned by the AMP Capital Diversifed Property Fund and the AMP Capital Retail Trust, Pacific Fair exemplifies AMP Capital's focus on redeveloping assets with strong growth potential in areas of strong population growth.
Pacific Fair's completion is a major milestone for AMP Capital and its investors, 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.
With the last stores to open in September 2016, including Zara, the centre offers visitors premium tourism services, personalised experiences and fine dining options while the Fresh Food Market offers the very best in fresh, local produce and café dining options. In addition, Pacific Fair's partnership with Union Pay opens up a world of opportunities for international shoppers.
Construction commenced in January 2014 and the redevelopment saw 50,000 square metres (sqm) added to the existing centre. The new-look centre is now 155,000 sqm, making Pacific Fair the fourth largest shopping centre in Australia. With around 420 stores, the line-up of global and international retailers at Pacific Fair includes David Jones, H&M, Uniqlo and Sephora, which is complemented by Australian designers such as Aje, Alice McCall, Bul, Camilla, Camilla & Marc, Carla Zampatti, Dion Lee, Manning Cartell, Sass & Bide, Scanlan Theodore and Zimmermann.
