A local retail giant has started the new year with a bang via a $670 million investment.
Shopping centre giant AMP Capital has confirmed it will commence a multi-million dollar retail project to revamp its Pacific Fair precinct on the Gold Coast next week.
The company currently manages approximately 28 shopping precincts across Australia and New Zealand.
The $670 million investment will kick off on January 13 and will see AMP Capital create the largest shopping centre in Queensland and the fourth largest centre in Australia.
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 revealed that the new development will include a new Woolworths, a relocated full-line Coles supermarket, David Jones and Big W. The retail mix will be rounded out by approximately 100 new specialty stores.
The company said it is targeting both Australian and international retailers in both the mainstream and luxury sectors for the revamped precinct.
The centre will also include 1,300 additional parking spaces and will be completely integrated with a new two-level mall connecting the new and existing sections, adding 46,500 square metres of retail space.
AMP Capital has appointed Westfield Design and Construction to build the development, with an expected completion date of late 2016.
Hynes added that the company has identified the Gold Coast as the fastest-growing region in Australia, and designed the new Pacific Fair to 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. AMP Capital saw an opportunity to grow and expand the centre to meet this predicted growth as we aim to provide investors with consistent out-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,” he said.
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.