Co-owners of Glasshouse on Pitt Street Mall, Stockland and Investa celebrate the success of the $30 million redevelopment and opening of leading fashion retailer H&M this week.
Following a $30 million redevelopment, Glasshouse on Pitt Street will reopen next week as the home of H&M’s flagship Sydney CBD store. The new four-level retail oasis is set to become one of the largest H&M stores in the world featuring women’s, men’s and kid’s fashion as well as the new H&M homeware line.
As part of redevelopment Stockland and Investa worked closely with building contractor to ensure the historic facade of the building was retained for years to come. Inside however, virtually the entire interior of what was an L-shaped pedestrian mall between King Street and Pitt Street was demolished ready for its fashion transformation, from new walls and floors to new escalators and plumbing.
Stockland Group Executive and CEO Commercial Property, John Schroder, said: “Our redevelopment of Glasshouse is a tailored retail solution to meet the requirements of this international brand. The result has set this asset apart, with the establishment of a flagship H&M store in an outstanding location. We’re just as excited as shoppers to welcome H&M to the heart of the Sydney CBD.”
Stockland and Investa Commercial Property Fund (ICPF), have a joint-venture agreement as co-owners of 135 King Street and Glasshouse, with a similar arrangement replicated with the listed Investa Office Fund (IOF) at the nearby Piccadilly Centre and Tower, fronting Pitt Street and Castlereagh Street, during FY14.
Stockland and ICPF have capitalised on the strengths of the respective groups through the joint-ownership of the King Street office tower and Glasshouse on Pitt Street Mall, with Stockland taking responsibility for managing and leasing the retail shopping centre, and Investa Office managing and leasing the office tower.
Peter Menegazzo, Group Executive and Fund Manager, ICPF, said: “Securing H&M as a tenant has unlocked significant value in the asset and is testament to the retail capabilities within Stockland. This clearly demonstrates the benefits of the ownership model where the specialist management platforms of each owner are being used very effectively to deliver value-adding activities.”