Macarthur Square Shopping centre owners, Australian Prime Property Fund Retail and GPT Wholesale Shopping Centre Fund (GWSCF), have been provided with the final approval to start the centre's $240 million redevelopment.
The redevelopment will transform and reposition Macarthur Square, adding approximately 16,000 square metres to the property and affirming its position as the largest shopping centre in south west Sydney.
The centre will offer customers a new 4,500 square metre full line Coles, a new 1,500 square metre full line Aldi, an expanded and refurbished Target, a new 2,500 square metre full line Harris Scarfe as well as approximately 550 new car spaces.
Managing Director of Lendlease's Investment Management business, Kylie Rampa said the redevelopment will showcase Lendlease's integrated business model and deliver increased returns to APPF Retail's investors into the future.
"Lendlease is able to leverage its complete range of capabilities including investment management, development, construction and asset management. The re-positioning of Macarthur Square will capitalise on the existing strong performance of the centre and underpin its continued success," Ms Rampa said.
GWSCF Fund Manager Michelle Tierney said the owners' investment in Macarthur Square would consolidate the strong growth in the region and would deliver a further boost to the quality of the GWSCF portfolio.
"The people of the Macarthur region have been asking for a greater retail, fresh food and entertainment offering and that is exactly what this redevelopment will deliver," Ms Tierney said.
Head of Lendlease's Retail business, Gary Horwitz, said the redevelopment will strengthen the position of Macarthur Square by introducing an upgraded and revitalised shopping experience.
"We are excited to announce the introduction of the next generation David Jones Department Store, which will undergo a complete refurbishment.
"Our current retailer offer will be further enhanced with the introduction of approximately 45 speciality stores as well as a fresh food market hall and a collection of new dining offers adjacent to a spacious dining terrace.
"The redevelopment will stimulate the local economy, boosting employment and offering further opportunities to retailers," Mr Horwitz said.
Construction is expected to take approximately two years, with the main extension complete prior to Christmas 2016. It is estimated the redevelopment will generate more than 2,000 jobs during the construction and approximately 1,000 additional retail positions once the project is complete.