This article is from the Australian Property Journal archive
WESTFIELD Retail Trust has started on the $400 million redevelopment of Westfield Garden City at Mt Gravatt.
Located 12 km south of Brisbane’s CBD, the Westfield Garden City is jointly owned by WRT and Westfield Group and is already one of the strongest performing shopping centres in Australia with a catchment area of over 435,000 residents.
The share of the project cost is approximately $200 million with a forecast yield in the range of 6.75%-7.25%.
Westfield Garden City currently comprises approximately 98,600 sqm of gross lettable area and includes a David Jones, Harvey Norman, Coles, Kmart, Big W, Woolworths and a Birch Carroll & Coyle cinema complex as well as 13 mini-major tenancies and approximately 260 specialty retailers.
The $400 million project will increase the centre by approximately 40,000 sqm to 140,000 sqm of GLA and will include a full line Myer department store, a new Target discount department store, and over 100 new specialty retailers.
On completion it is expected that Westfield Garden City will become one of Australia’s top ten shopping centres.
The completion is expected in Q4 2014.
Property Review
