Pacific Fair’s far-reaching impact after $670m redevelopment
THE impact of the Pacific Fair refurbishment remains far-reaching as the one-year anniversary of the $670 million investment approaches. Here’s why:
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THE impact of the Pacific Fair refurbishment at Broadbeach remains far-reaching as the one-year anniversary of the $670 million investment approaches.
Pacific Fair owner AMP Capital completed the redevelopment in the middle of last year after two-and-a-half years of construction.
The renovations added 50,000sq m to the centre to take it to 155,000sq m — the fourth-largest in Australia.
YPG Shopping Centres followed the Pacific Fair project by embarking on a $25 million transformation of Australia Fair and Robina Town Centre owner Westfield spent $160 million on The Kitchens dining precinct.
Colliers Gold Coast director-in-charge Darrell Irwin said the primary impact has been to drive development in the Broadbeach area.
“A number of projects have started off the back of or been given impetus by the refurbishment at Pacific Fair,” he said.
They include The Beach Apartments, the $25 million redevelopment of the Oasis Shopping centre and the new hotel at The Star Gold Coast. Mr Irwin said the refurbishment also drew customers away from competitors such as Robina Town Centre, although he said that may be temporary.
“Certainly with my family we used to go to Robina Town Centre and now go to Pacific Fair,” he said.
Mr Irwin said the revamp also helped grow the Chinese tourism market.
An additional 113,000 Chinese tourists visited the Gold Coast last year, taking the total to 295,000.
“The refurbishment is providing a shopping experience for Chinese tourists which is similar to what they are used to in Shanghai or Hong Kong,” he said.
Urbis Gold Coast director Matthew Schneider said the redevelopment has consolidated Broadbeach’s position as one of the city’s premier precincts.
Mr Schneider said it is part of a broader trend transforming shopping centres into “new generation destinations”.
“We’re seeing this not only at Pacific Fair, but also at Robina Town Centre and now at Coomera Town Centre,” he said.
Savills retail investments director Peter Tyson said Pacific Fair has set the benchmark for shopping centres in Queensland.
“It is Queensland’s largest leisure and fashion destination and with around 420 stores, it now has the biggest concentration of luxury retailers of any shopping centre in Australia,” he said.
Mr Tyson recently negotiated the sale of Mudgeeraba Markets with colleague Jon Tyson to SCA Property Group for $35.8 million.
He said it indicates investors remain on the hunt for quality investments.
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