Westfield has announced a $435 million redevelopment of Westfield Miranda, which is jointly owned by Westfield Retail Trust, DEXUS Wholesale Property Fund and Westfield Group.
The regional shopping centre in Miranda, 30km south of Sydney’s CBD, is one of Westfield Retail Trust’s best performing centres on a total sales basis and has a trade area that contains more than 380,000 people, according to the trust.
The centre comprises around 108,000 sqm of gross lettable area and includes David Jones, Myer, Target, Big W, Woolworths, Franklins, a Greater Union cinema, nine mini-majors and around 330 specialty retailers.
The redevelopment will increase the centre by around 19,000 sqm and include a gross net lettable area of 127,000 sqm.
It will include a new Woolworths, upgraded Big W, refurbished Myer, 10 new mini-majors and around 100 new specialty retailers.
The development will also include a new dining, leisure and entertainment precinct, which will incorporate a 10-screen multiplex Event cinema.
Completion is expected in the fourth quarter of 2014, with the new cinema to open mid-2015.
Westfield Retail Trust also recently announced a $400 million redevelopment of Westfield Garden City at Mount Gravatt, Queensland.
The centre, which is jointly owned by the trust and Westfield Group, is located in the Brisbane suburb of Upper Mount Gravatt, around 12km south of the Brisbane central business district.
It includes around 98,600 sqm of gross lettable area and includes a David Jones, Harvey Norman, Coles, Kmart, Big W, Woolworths, a Birch Carroll & Coyle cinema complex, 13 mini-majors and around 260 specialty retailers.
The redevelopment will increase the centre by around 40,000 sqm, with a gross net lettable area of around 140,000 sqm.
It will include a Myer department store, a new Target and more than 100 new specialty retailers.
The Westfield Retail Trust said upon completion, expected in the fourth quarter of 2014, the centre will be one of the top 10 shopping centres in Australia.
“The redevelopments at both Miranda and Garden City at Upper Mount Gravatt are located in areas with strong demographics and growth potential and reflect the Trust’s strategy of investing in our properties to increase the quality of the portfolio as well as returns to security holders over the long-term,” said Domenic Panaccio, managing director of the trust.