This article is from the Australian Property Journal archive
JOINT owners Dexus Wholesale Property Fund, Westfield Group and Westfield Retail Trust have started on the $427.5 million redevelopment of Westfield Miranda shopping centre in Sydney's south.
DWPF holds a 50% stake in the centre, therefore it will contribute the lion share to the redevelopment with $213.8 million.
The redevelopment will expand the centre by approximately 19,000 sqm to 127,000 sqm and will add more than 100 speciality retailers as well as a 10-screen Event multiplex cinema.
It will also refurbish the Myer department store and Big W, and a new relocated full-line Woolworth’s supermarket.
“Westfield Miranda is a transformational project which will firmly position the centre as the leading super regional shopping centre in the southern suburbs of Sydney and enhance its status as one of the strongest performing centres in Australia on a total sales basis,” DWPF fund manager Graham Pearson.
“The project progresses DWPF’s substantial $760 million development pipeline, which includes the $45 million Westfield West Lakes and the $77 million Richlands industrial development currently underway.
“The Miranda redevelopment is in line with the fund’s retail strategy of improving portfolio quality through development and complements DWPF’s existing portfolio including the recently acquired $0.5 billion3 fund-through office investments at 480 Queen St Brisbane and Kings Square, Perth,” Pearson said.
The redevelopment is expected to be completed in late 2014 with the new cinema complex to open in mid-2015.
Property Review
