The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterMon 08 Sep 14

Glasshouse On Pitt Street Secures H&M Flagship

H

International fashion brand

H&M will open its flagship Sydney CBD store in 

Glasshouse on Pitt Street Mall towards the end of 2015.

Glasshouse co-owners,

Stockland and

Investa Commercial Property Fund (ICPF), have already drawn up plans for a $30 million redevelopment to welcome H&M to the Sydney CBD.

As part of the $30 million redevelopment, the historic facade of the building that will ultimately become the H&M shopfront will be retained, but virtually the entire interior of what is currently an L-shaped pedestrian mall between King Street and Pitt Street will be demolished and transformed.

H&M will occupy three retail levels within Glasshouse, following the existing L-shaped configuration, representing a Gross Lettable Area totalling approximately 5,000 square metres.

The new H&M at Stockland and ICPF’s Glasshouse on Pitt Street Mall is set to become one of the largest H&M stores in the world.

Glasshouse represents one of the last available prime street-level retail frontages in the Pitt Street Mall and H&M is already working feverishly on plans to showcase its fashions across three entire floors of the historic and ornate brownstone building.

Stockland and 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: “This outstanding leasing result has unlocked significant value in the asset and is testament to the retail capabilities within Stockland.”

“The result 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 across the Glasshouse retail complex and the 135 King Street office tower, where strong recent leasing activity has substantially reduced vacancy since ICPF’s acquisition in January 2014,” Mr Menegazzo said.

The planned $30 million redevelopment of Glasshouse on Pitt Street Mall is the first obvious example of the two companies capitalising on new opportunities to grow their respective share of earnings in their two joint-ventures.

RetailAustraliaArchitectureSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Exclusive

Sydney’s Fear of Heights Holding Back Housing

Vanessa Croll
6 Min
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
View All >
Build-to-Rent

BtR Platforms, Lease-Ups, Capital Go Under Microscope

David Di Marco
Aeon Residence Chatswood EDM
Residential

Shadows Lift as ‘Nightmare’ Chatswood Site Recast

Vanessa Croll
Blackburne Plans $70m Swan River Tower in south perth
Residential

Blackburne Reveals $70m Plan for Blue-Ribbon South Perth

Renee McKeown
One of Perth’s biggest developers has filed plans for a 17-storey tower near the Swan River aimed squarely at the well-h…
LATEST
Build-to-Rent

BtR Platforms, Lease-Ups, Capital Go Under Microscope

David Di Marco
3 Min
Aeon Residence Chatswood EDM
Residential

Shadows Lift as ‘Nightmare’ Chatswood Site Recast

Vanessa Croll
4 Min
Blackburne Plans $70m Swan River Tower in south perth
Residential

Blackburne Reveals $70m Plan for Blue-Ribbon South Perth

Renee McKeown
2 Min
Residential

TW Projects Banks on Commuter Town Boom

Taryn Paris
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/glasshouse-on-pitt-street-secures-hm-flagship