Redevelopment Update

In the five months since the last update, the Pacific Fair redevelopment team has been hard at work advancing planning documentation for the redevelopment project.  As explained previously, it was necessary to demonstrate to Gold Coast City Council that the centre could meet all conditions attached to the Development Application before construction planning could commence.

We are pleased to announce another milestone, in that the proposed solutions to all of these conditions have now been met; although there is still a significant amount of work to be done in arriving at final planning documentation for the project.

Enabling works, ahead of the major project, are still several months from commencement. As explained in the last update, enabling works allow the diversion of essential services around the proposed development zone, paving the way for the demolition to occur. In order to ensure minimal disruption to the operating centre and retailers it is estimated that these works will now realistically commence in 2010. This allows the additional time needed to finalise planning documentation, the overall look and feel of the Centre and undertake the enormous task of developing and finalising the planned program of construction for the following year.

Negotiations with prospective major anchor tenants continue, and confirmation of these new retailers is anticipated for the near future.  In the meantime, Pacific Fair’s over 300 retailers continue to trade as normal, with new and exciting retail brands opening in the centre every month.

For further information on the planned redevelopment of Pacific Fair Shopping Centre, contact us at pacificfair@ampcapital.com.