QICGRE is on track to deliver the first stage of its master-planned retail and lifestyle destination in the heart of The Hills in late 2019, the first chapter of its multi-year transformation of Castle Towers. The centre is a high performing Big Gun which ranks consistently in the top 20 nationally based on its current MAT of $727 million and attracts more than 18 million customers per year. 

Managing Director of QIC Global Real Estate, Michael O’Brien, said the development of Castle Towers is underpinned by a flourishing and affluent trade area, significant residential development occurring adjacent to the asset, and unparalleled investment in transport and infrastructure.

“This development represents a unique opportunity to drive performance and create significant value, through the creation of a truly integrated retail and transport hub that will provide connectivity, convenience and a lifestyle offering unlike anywhere else on Sydney’s new metro train line. As owners of Castle Towers for more than two decades, this project embodies an integral part of our long-term strategic vision to transform our assets into town centres which serve the whole-life needs of their communities,” O’Brien said.

Castle Towers

The first stage opening will mark the completion of the only direct underground link on the Metro Northwest line, seamlessly connecting the recently completed Castle Hill Station with the Luchetti Krelle designed Castle Towers level one retail expansion and refurbishment.

In total, the first phase of development will deliver 52 tenancies, consisting of a mix of new concepts from long-time Castle Towers favourites alongside the introduction of new brands to serve the growing needs and aspirations of the local community.

Anchored by one of Australia’s busiest Coles Supermarkets will be the refreshed fresh food marketplace, housing Sydney’s leading providores as well as celebrated local favourites. A brand-new food court will feature both global chains alongside best-in-class street food. The new precinct for homewares, tech and services will create convenience and accessibility, with a remixed fashion and lifestyle offering on levels one, two and three along with an ambient upgrade of levels two and three due next year.

On completion, the project will also deliver an incremental increase in retail space of approximately 4,700m2. Connecting the new food and lifestyle precinct with the Castle Hill Station and bus interchange will create a destination experience for new and loyal customers.

In response to growing retail demand and trends, Castle Towers is also experiencing an evolution to its broader retail mix with Swarovski, Specsavers and OPSM all relocating to larger format stores in October. Mecca will double its current size and increase its retail offer expanding into a 400m2 flagship store scheduled to open in November.

A strong focus on youth brands and athleisure has seen Nike, Adidas, Hype DC, Champion and a new format Surf Dive ‘n’ Ski introduced in recent months, with Uniqlo to open by the end of the year, joining other exceptional retailers such as David Jones, MYER, Apple, Sony and Rebel.

Castle Towers’ masterplan

The Hills District is a key strategic growth corridor for Sydney with 300,000 of the city’s most affluent residents living in the centre’s main trade area, with an average household income of $127,870, 17% higher than the Sydney average.

The new $8.3 billion Sydney Metro Northwest rail line is expected to serve 30,000 people each day and bring 55,000 new residents to the area in the next decade, with the total Hills population expected to exceed 250,000 by 2036.

This boom is also driving strong projections, with QICGRE predicting residents will spend 5% more per capita on total retail than the Sydney average in the next two years, with the total trade area spend projected to increase from $7.2 billion to $12.1 billion over the next decade.

Castle Towers will continue to trade during the project works, with the pedestrian connection to the station and the majority of new retail set to be completed before the end of the year.