This investment by centre owner, AMP Capital Shopping Centres, will create the largest shopping centre in Queensland and the fourth largest centre in Australia.
Westfield Design and Construction to build the development, with an expected completion date of late 2016.
The new centre will include a new Woolworths, a relocated full line Coles supermarket (to anchor a fresh food marketplace), David Jones, Big W, around 100 new specialty stores, and 1300 additional parking spaces.
This will be integrated with a new two level mall connecting the new and existing sections, adding 46,500sqm of retail space. On completion Pacific Fair will span 150,000sqm and have more than 420 shops, restaurants and entertainment destinations.
AMP Capital Shopping Centres MD, Bryan Hynes, says 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 number one tourism destination with more than 11.5 million visitors each year, so attracting tourists is a key focus for the centre,” said Hynes.
“Pacific Fair will be a Gold Coast must-visit, with a five-star resort ambience and indoor/outdoor environment reflecting the Queensland lifestyle.
“While this will appeal to tourists, it will also provide residents with a truly exceptional local destination for shopping, dining, leisure and entertainment,” he said.
Pacific Fair is managed by AMP Capital Shopping Centres and is owned by AMP Capital managed funds following the acquistion of the 40 per cent share formerly held by Westfield Group and Westfield Retail Trust in 2012.