With the woes of Crown Resorts (ASX: CWN) still firmly in the spotlight, Star Entertainment Group's (ASX: SGR) Queen's Wharf development in Brisbane has received a sprinkling of gold dust as luxury brand retailer DFS announced it will anchor the retail component of the $3.6 billion project.
The deal will create a new retail mecca in the Brisbane CBD with a three-level T Galleria Emporium by DFS to be located in the historic Printery Building in George Street.
The T Galleria Emporium, part of almost 40,000sqm of retail, food and entertainment floorspace planned for the Queen's Wharf development, is expected to become a destination shopping precinct showcasing 100 high-end brands.
DFS, part of the Louis Vuitton Moet Hennessy Group (LVMH), will deliver 6000sqm of luxury retail floorspace devoted to a host of its brands including the big names of New York, Paris and Milan. It also plans to introduce many new brands for the first time to Brisbane.
The investment in Brisbane, creating one of the largest shopping footprints for DFS in the Oceania region, comes on the heels of the company finalising its flagship offering, Samaritaine Paris Pont-Neuf by DFS, which will open in Paris later this year.
DFS is expected to open its Brisbane stores in line with the staged opening of Queen's Wharf from late-2022.
"Our approach has always been to create destinations within destinations," says Benjamin Vuchot, the CEO of DFS.
"As a future iconic tourism, leisure, and entertainment destination, we saw Queen's Wharf as a global priority for our business, sitting high on our list alongside significant ventures in Europe and Asia."
The Queen's Wharf project is being undertaken by The Star Entertainment Group in partnership with Hong Kong's Chow Tai Fook Enterprises and Far East Consortium.
Star CEO Matt Bekier has described the partnership with DFS as a landmark deal that will transform Brisbane's retail offering.
"Queen's Wharf will deliver world-class experiences on so many levels," Bekier says.
"With DFS on board, our luxury retail shopping precinct will not only be globally competitive, but the biggest they have in Australia.
"This will deliver the wow factor for locals, as well as interstate and international travellers."
When completed, Queen's Wharf will deliver Queensland a new casino accompanied by four hotels, 50 bars, cafes and restaurants, up to 2,000 residential apartments, the Sky Deck, moonlight cinema and the Neville Bonner Bridge connecting the riverfront CBD site with South Brisbane.
Bekier says the ground-breaking deal would bolster Queen's Wharf's reputation as Australia's future international tourism and leisure hotspot.
"The hallmark of a world-class integrated resort is its diversity and quality of offerings," he says.
"Queen's Wharf will have a rich collection of attractions including the DFS luxury retail precinct to keep locals, interstate and international visitors coming back time and time again."
The project is expected to support 8000 jobs when completed and attract an extra 1.4 million visitors to Brisbane a year.
The Star's announcement comes in the wake of the release of the Bergin report which found Crown was "not suitable" to hold a casino gaming licence, throwing into disarray plans by the casino giant to open its $2.2 billion Barangaroo development this year.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
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