Fortius (part of Growthpoint Properties Australia) Revitalises Central Park Mall With Sydney-First Fortress
SYDNEY – 6 April 2023 : Fortius Funds Management, now a part of Growthpoint Properties Australia, is soon to open a major player in the multi-million-dollar transformation of Central Park Mall on Sydney’s CBD Fringe, creating a thriving urban playground.
Situated in one of Sydney’s most connected and vibrant precincts, Central Park Mall provides 15,085 square metres of gross lettable area and is anchored by what will soon be the largest leisure venue in the Southern Hemisphere, Fortress Sydney.
On Saturday 8 April, Central Park Mall will open Melbourne-born entertainment and video games powerhouse, Fortress. Fortress Sydney will be a first-of-its-kind venue for the state spanning over 2,500 square metres, with a 1,000+ capacity and will provide Sydney’s night-time economy with a significant boost. The interactive games sector is projected to be valued at $4.9 billion by 2025.
Michael Rodrigues, 24-hour Economy Commissioner of New South Wales, welcomes the introduction of Fortress into Central Park Mall’s retail precinct noting, “Securing the new Fortress venue is a great achievement for Sydney and will be a major addition to our city’s night-time offerings. It’s vital that we offer a diverse range of activities to people at night and Fortress creates an exciting new place to go whilst also tapping into a huge and growing interest in eGaming.
“The venue also marks another great place opening in the Chippendale precinct, alongside some amazing music venues, bars, restaurants, retail, and galleries. My office has been working with local stakeholders through our various programs to galvanise the local night-time economy in the area and Fortress opening is a big boost to the precinct,” he continued.
Fortius Growthpoint and SC Capital acquired Central Park Mall late 2019 with a clear strategy to capitalise on the assets strategic location in a trade area undergoing rapid transformation as a tech and innovation hub. Followed by the onset of the global pandemic, the retail industry and CBD-based venues were significantly impacted by a reduction in foot traffic, which conversely enabled the owners to undertake a bold redevelopment of its former 480+ seat food court transforming it into a contemporary entertainment lifestyle precinct anchored by a world class entertainment venue, Fortress Sydney.
Fortress projects 400,000 annual foot traffic over the next year at the flagship Sydney location within Central Park Mall.
Sam Sproats, Executive Director of Funds at Fortius Growthpoint said the redevelopment of the precinct and introduction of Fortress Sydney will not only transform Central Park Mall but will also revolutionise and revitalise Sydney’s 24-hour economy, offering a thriving day and night precinct.
“Once complete, Central Park Mall will deliver a truly unmatched lifestyle proposition for Chippendale residents, surrounding university students and the broader Sydney community, creating not just a retail precinct but a dynamic destination. Fortius Growthpoint has invested strategically to create a unique, yet epic, retail mix, while being complementary of surrounding offerings to deliver a reimagined urban playground.
The opening of Fortress Sydney’s world-class entertainment and interactive games venue will signal a key step towards Central Park Mall’s revitalisation as the place to play, connect and engage within one of Sydney’s most dynamic fringe communities,” added Sproats.
Fortius has placed a substantial focus on its placemaking strategy, activating Central Park Mall and the surrounding built environment in a way that seeks to attract residents, students, a growing worker market and broader Sydney customers. The opportunity for the Centre to also draw from a broader intra state audience is brought about by the popularity of Esports and its ability to cross cultural and geographical boundaries through tournaments and competitions. Fortius looks forward to announcing more new retailers in the coming weeks, building on the momentum of the highly anticipated Fortress Sydney opening next week.
Fortress CEO and Co-Founder, Jon Satterley says, “Fortress Sydney is set to open its doors in the lively Central Park Mall, and we couldn’t be more thrilled. Our Melbourne venue has been a huge hit, attracting both pop culture and games fans as well as those seeking unique and immersive experiences.
“It has truly become the Home of Games and we are confident that Fortress Sydney will continue this legacy, offering a one-of-a-kind gaming entertainment experience and helping to revitalize the Chippendale area. We project an impressive 400,000-foot traffic in the first year alone, further establishing Fortress Sydney as a must-visit gamers paradise for all,” he said.
Fortius acquired the Central Park Retail properties in 2019 from Frasers Property Australia and Sekisui House for A $174.5 million. The three retail properties included DUO Retail, Park Lane Retail, and Central Park Mall, which form part of one of the biggest mixed-use urban projects in Sydney.
Successful execution of the leasing strategy during the global pandemic enabled Fortius Growthpoint and SC Capital to sell the DUO retail stratum for $26.1 million in June 2022.
Growthpoint completed the acquisition of Fortius in September 2022, understanding the complementary strategic vision across both businesses and the ability to deliver on the ever-expanding needs of investors.
The flagship entertainment venue deal was brokered by Michael Tuck, Colliers Head of Retail Leasing Australia, who shared his excitement for the opening of Fortress Sydney flagship.
“The opening of the Fortress Sydney flagship demonstrates the commitment and confidence of new entertainment brands and concepts in an evolving retail environment. It is the result of a substantial commitment made by both the Fortress Group and the owners, Fortius Growthpoint and SC Capital who transacted the lease partnership in the volatile trading environments of 2021, staying strong on the vision to deliver a world class entertainment venue in Sydney,” he said.
Fortress Sydney opens at noon on Saturday 8 April at Central Park Mall located at 28 Broadway Chippendale.
