Stockland announces $377-million redevelopment of Green Hills Shopping Centre
Stockland will undertake a $377-million redevelopment and expansion of Green Hills Shopping Centre in the Lower Hunter Valley, NSW.
Stockland Green Hills is already the largest shopping centre in its trade area and its current specialty retail sales productivity is $14,275m2. The redevelopment will more than double the size to create around 70,000m2 of GLA when the redevelopment is complete in mid-2018.
As an integral part of the redevelopment, Stockland has secured an agreement for lease with David Jones, which will open a new, single-level, 6,225m2 department store. Preliminary site establishment works will commence immediately, however, Stockland will defer the start of major construction works until the new year so as not to disrupt the crucial pre-Christmas retail trading season. Works will commence in January 2016. Stockland has appointed Brookfield Multiplex as its lead contractor on the project.
Stockland will create a contemporary Entertainment and Lifestyle Precinct, including a garden courtyard and outdoor pavilion dining area fronting Mitchell Drive. In addition, Stockland will deliver around 1,500 new car parking spaces at Green Hills, which will take the total to around 3,100 car parking spaces to accommodate the increased number of customers frequenting the centre.
Mark Steinert, Managing Director and CEO at Stockland, said: “We’ve identified Stockland Green Hills as a highly accretive redevelopment opportunity. It’s already one of the most productive centres in Australia and this expansion will enable us to capture a portion of the estimated $867 million of escape expenditure that leaves the primary trade area every year.” SCN