Premium content Industry News

Stockland announces $377-million redevelopment of Green Hills Shopping Centre

Development Updates_header

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

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment