Investa Office has announced that it has finalised a ten year lease of prime Pitt Street Mall space to fashion giant,
The international retailer has secured 2,741 square metres in Sydney Arcade at 400 George Street.
This is the first Sydney CBD store for Forever 21, after a five year search for a location that would meet the calibre they required to anchor their brand in Australia.
The brand has secured strong exposure in Sydney's most sought after shopping precinct with three interconnected levels, from lower ground to level one, that have prime street-level frontage.
The space that was previously occupied by Adidas, Glue, and Billabong, with be joined with a lower ground storage space that has been activated for retail use.
Forever 21 has over 480 stores globally and offers competitively prices clothes and accessories for all.
The companies five year Australian search has secured them other locations across the country, with their first store set to open in Brisbane in November 2014, followed closely by a North Ryde location in December.
Investa General Manager Sydney CBD Portfolio, Greg Long said that they have been focused on repositioning Sydney Arcade to take advantage of the strong demand from brands that require high impact spaces in prime locations.
“Our ability to convert lower ground storage to retail space has enabled the owners the capture significant capital value uplift by adding further valuable floor space and attracting the lease covenants of quality retailers,” Mr Long said.
Director of Real Estate and Business Development of Forever 21, Jatin Malhotra said that Pitt Street Mall has always been one of their top ten locations worldwide and that they are thrilled to be opening.
“Australia is a terrific market which provides great scale, enabling us to expand further in the coming years,” Mr Malhotra said.
With Forever 21 joining the likes of H&M, Zara, Uniqlo, and Sephora in Pitt Street Mall as it secures itself as the most tightly held retail market in Australia with a distinct international appeal.
