This article is from the Australian Property Journal archive
STOCKLAND is undertaking a $115 million redevelopment of Hervey Bay shopping centre to more than double the size of the complex.
CEO Mark Steinert said this latest project follows the $900 million investment to successfully redevelop the shopping centres in Merrylands, Townsville and Shellharbour.
Commercial property CEO John Schroder said Hervey Bay was one of seven centres earmarked for redevelopment in the medium term, with these projects expected to deliver average incremental total development returns of 13 – 14%.
“Stockland Hervey Bay will become the biggest and best shopping centre between the Sunshine Coast and Central Queensland,” he added.
The redevelopment will increase the size of the centre from 15,600 sqm to more than 36,000 sqm and introduce the first Kmart discount department store on the Fraser Coast.
The expanded centre will include a full-line Coles, 70 additional speciality stores and three mini-majors as well as a 500-seat food court. The centre design will incorporate the highest environmental standards and expected to gain a 4 Star Green Star Rating (Retail Centre Design v1 by the Green Building Council of Australia).
At the same time, Stockland has already submitted second Development Application to include an additional supermarket, cinema complex, restaurants and additional specialty stores, taking the centre to over 50,000 sqm.
Stockland’s planned redevelopment of the Hervey Bay shopping centre will occupy an 11.1 ha site, which has potential for further development in the future.
Property Review
