International fashion retailer Forever 21 in conjunction with Investa Office (‘Investa’) today opened the super prime Pitt Street Mall store at Sydney Arcade, 400 George Street Sydney (the ‘Building’).
This is the first Sydney CBD store for the brand, which announced the 10 year lease over 2,656 square metres in September last year. The space spans three interconnected levels from lower ground to level 1, with prime street-level frontage to Pitt Street Mall, providing the brand with strong exposure within Sydney’s most sought after shopping precinct.
Space previously occupied by Adidas, Glue and Billabong has been amalgamated with an additional 1,200 sqm of lower ground storage space activated for retail use.
The new space marks Forever 21’s third and largest Australian venture following store openings in Brisbane and Sydney’s Macquarie Centre in 2014. Forever 21’s Australian flagship will offer customers an extensive selection of apparel and accessories.
Greg Long, General Manager Sydney CBD Portfolio, Investa said: “The opening of Forever 21’s Australian flagship store marks the completion of the first phase of the retail strategy at 400 George Street and Sydney Arcade.
Our ability to capitalise on the activation of more than 1,000 sqm of basement storage to create the three level space with escalators directly off Pitt Street Mall has enabled the owners to capture significant capital value uplift.”
Linda Chang, Vice President of Merchandising, Forever 21 said: “Pitt Street is a prime location for our third store in Australia. Our growth in Australia has been rewarding and we are pleased to continue our expansion plan in Sydney offering the latest fashion trends at a great value.”
400 George Street is a 51,034 square metre office tower and retail arcade located in the centre of the Sydney CBD, jointly owned by Investa Property Trust, Investa Commercial Property Fund and M&G Asia Property Fund. The Sydney Arcade incorporates over 5,000 square metres of prime retail space accommodating a range of leading Australian and international brands.
Michael Cook, Group Executive, Commercial Development & Leasing, Investa said:“400 George Street continues to go from strength to strength following the leasing of 30,000 sqm to Telstra.
As a result of Telstra occupying the office tower, they have undertaken substantial upgrades to their office space and completed the first Discovery Store on the corner of George and King Streets, in the space formerly occupied by Darrell Lea.
In addition, landlord works have included a ground floor lobby refurbishment incorporating oversized dynamic screens, a café and espresso bar, connectivity to the Discovery Store, and community-based art displays in the King Street entrance.”
Upgrades to the VAV system, as well as premium quality End of Trip facilities and installation of a Destination Control lift system has made 400 George one of the most secure investments in the Sydney CBD.
Download media release