This was published 8 years ago
Gold Coast gets new lease of life
Gone are the meter maids in gold lame bikinis and reef oil sun tanning lotions and enter CHANEL Beaute, Christian Louboutin, Coach and Salvatore Ferragamo, to bring the Gold Coast back to life.
With more than $1.7 billion of redevelopments in shopping centres and hotels, the once "bad bank" of assets has now got a new lease of life. That does not include the massive infrastructure projects in the region.
Upmarket global brands are opening in the Gold Coast's Pacific Fair shopping centre as it nears the end of a $670 million expansion.
Sure, there remains schoolies and some wild nightlife, but with more overseas visitors, mainly from China, than ever before and high end events such as the Magic Millions horse sales and races, the "Goldie" seems to be back on the map for the upmarket visitors.
This, together with the hosting of the 2018 Commonwealth Games, the area from Nerang in the north to Robina in the south, has triggered a new whirlwindof developments.
But, unlike the past where it all went a bit pear-shaped, to say the least, the projects are more measured and sophisticated and the names are more "household", such as Meriton, Mantra, Accor and AMP Capital.
There is also the burgeoning Gold Coast Suns Australian Rules Football team, which also brings sports-minded tourists who want a different experience.
Some of the larger projects include the $345 million redevelopment of the Jupiter's Casino, in Broadbeach, under the Star Entertainment Group banner. It will include the refurbishment of the existing hotel and construction of the all-suite hotel tower.
The total investment under consideration has the potential to reach around $850 million with the proposed hotel/apartment tower plus the additional development works around the sports theatre, and further food and beverage offerings.
It is envisaged the new tower will also feature a 4.5-star hotel.
Next door, AMP Capital Shopping Centres is spending $670 million to upgrade and expand the Pacific Fair shopping centre. It is a stalwart of the stable and was the model for Warringah Mall on Sydney's northern beaches.
AMP Capital Shopping Centres' managing director, Bryan Hynes opened the "The Resort" precinct on Thursday.
"The retail openings mark the beginning of an exciting new phase of the Pacific Fair redevelopment, which will take Queensland's fashion offering to new heights," Mr Hynes said.
"This includes H&M and UNIQLO and David Jones, who opened their first stores on the Gold Coast, as well as luxury retailers including Bally, CHANEL Beaute, Christian Louboutin, Coach and Salvatore Ferragamo.
"When the opening of Pacific Fair is complete in mid-2016, the centre will have an unparalleled retail mix with a combination of international high-street stores, iconic global, luxury brands and leading Australian fashion, leisure and lifestyle retailers."
He said as the fastest growing region in Australia, the Gold Coast continues to rapidly attract new residents driven by the area's lifestyle, climate and opportunities.
"The Gold Coast is also a tourism mecca, attracting more than 12 million visitors per year, which gives Pacific Fair retailers the opportunity to be exposed to shoppers from all over the world," Mr Hynes said.
"The Gold Coast is far more sophisticated and we have to offer more to fulfil this demand."
Abacus Property Group is also investing in Broadbeach with the $58 million upgrade of its Oasis Shopping Centre, where it is said Allianz has taken an office lease.
The author was a guest of Jupiters and AMP Capital.