Since launching in Sydney in 1996, Crown Group has built a $5 billion development pipeline across Sydney, Brisbane, Melbourne and Los Angeles, that includes residential communities, luxury apartments, hotels, a fund management platform, and shopping centres.
It’s the latter of those interests they are looking to further develop, announcing a long-term plan to develop a $1 billion portfolio of retail offerings world-wide.
The plan is to have 29,500 square metres of retail space across nine of its developments by 2024, valued at $285 million, then expand both in Australia and overseas.
Crown Group has several success stories that show how its practice of creating architectural icons attracts world-class retail brands. It plans to pursue this model at three new developments underway in Sydney.
“Our latest completed retail precinct, Infinity Square, opened in 2019 at Green Square with 19 shopping and dining offerings and an eye-catching design by Koichi Takada Architects,” Group Chairman and CEO Iwan Sunito explained.
Both McDonald’s and KFC opened in the Green Square precinct last year, with a third ASX-listed company having just signed on.
V in Parramatta, a luxury apartment tower with 11 retail outlets, and Our Skittle Place precinct at Arc in the Sydney CBD, which boasts a luxury hotel called SKYE Suites plus five dining and retail offerings, are their other offerings.
“We have proven that iconic architecture attracts world-class brands, so we are now using this approach to create an exciting new retail precinct at Eastlakes,” Mr Sunito said.
“It will transform the suburb into a thriving destination in itself with 490 apartments and more than 60 stores.
“Nearby at Waterloo we are developing Mastery by Crown Group, Australia’s first Japanese-themed residential community, designed with world-renowned architect Kengo Kuma and Koichi Takada Architects. It will have its own dedicated retail precinct.”
Crown Group COO Pierre Abrahamse explains: “Our custom-designed retail precincts offer convenience and choice to the community and a curated dining and shopping experience that enhances the appeal of our residential communities and hotels”.
“Ultimately this generates demand from buyers and residential tenants for our apartments while creating a recurrent income stream. It supports the Crown Group brand while attracting good covenant retailers that complement the trade area in which they operate.”
