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The fairest of them all

  • November 09, 2021

Pacific Fair on the Gold Coast was recently named Queensland Retail Property of the Year for the second time. What makes this shopping centre the fairest of them all?

 

  Why we love this project:

  • Despite being the fifth largest shopping centre in Australia, Pacific Fair boasts a 5 star NABERS Energy rating
  • A 2016 upgrade not only delivered 50,000 sqm of extra retail space – it also unveiled a world-first digital chandelier and a wave atrium screen which revolutionised in-centre advertising in Australia
  • The resort-style open-air precinct provides the perfect social space for yoga classes, large-scale events and exhibitions.

 

After a hiatus in 2020 due to COVID-19, the Property Council held the 2021 Queensland Retail Property of the Year Awards recently with 300-plus people in attendance.

A signature of the Property Council’s Queensland events calendar for more than 15 years, the awards attracted 58 nominations this year.

Pacific Fair was presented with Queensland’s 2021 Retail Property of the Year award and took home gongs for excellence in marketing, centre management and retail innovation. This is the second time Pacific Fair has been awarded this prestigious title, first taking home the accolade in 2016.

Pacific Fair first opened adjacent to the Star Casino at Broadbeach in 1977. A $670 million overhaul, completed in 2016, added 50,000 sqm to the centre.

At 155,000 sqm in size, Pacific Fair is now the fifth largest shopping centre in Australia, after Chadstone in Victoria and Westfield’s centres in Narre Warren, Chermside and Sydney.

With more than 400 stores, Pacific Fair has attracted Australia’s largest concentration of luxury brands, including Louis Vuitton, Prada, Hermes, Bulgari, Gucci, and Tiffany and Co.

Jen Williams, the Property Council’s Queensland executive director, says Pacific Fair’s “multiple gongs” are well-earnt for “extraordinary efforts in research-led marketing and energy and waste management initiatives”.

Pacific Fair was the first centre of its kind to receive a 5 star NABERS Energy rating, Williams notes. The average NABERS Energy rating for shopping centres is 4.3 stars, according to NABERS’ most recent annual report.

Despite the challenges of Queensland’s warm weather and the large open spaces throughout Pacific Fair, the centre’s operations team achieved the NABERS Energy rating by focusing on a range of optimisation initiatives. For example, airconditioning schedules were adjusted for tenants with shorter training hours.

In October, super funds UniSuper and Cbus Property announced a partnership with AMP Capital to take a majority stake of Pacific Fair and a half stake in Sydney’s Macquarie Centre in a $2.2 billion deal. This represents the biggest direct retail property transaction in Australia’s history.

Announcing the deal, AMP Capital’s head of real estate, Kylie O’Connor, said it “demonstrates the returning confidence investors have in the retail sector, particularly for high-quality, well managed assets, and the support for our highly regarded and talented management platform”.

Adrian Pozzo, Cbus Property’s chief executive officer, said the blue-chip retail portfolio “complements Cbus Property’s existing premium commercial office portfolio, which was recently awarded Australia’s highest NABERS Energy rating in the NABERS Sustainable Portfolios Index for the second year in a row”.

The 2021 Queensland Retail Property of the Year Awards was presented with the support of principal sponsor Hames Sharley and bronze sponsor Gough.