Scentre Group and their development partners QIC Global Real Estate (QICGRE) have announced that their newest development, Westfield Coomera, is officially underway on the northern Gold Coast.
The $470 million development will bring 140 specialty stores to the area and is expected to open in late 2018.
Scentre Group’s Chief Operating Officer Greg Miles said Westfield Coomera is positioned to become the heart of the booming region and will offer a vibrant social destination for the Gold Coast’s northern growth corridor.
The centre will feature entertainment, dining and large open green spaces for kids and the local community to enjoy. It will also include an alfresco dining precinct and a fashion retailer mix responsive to the Gold Coast's latest fashion scene.
“This is the first Westfield ‘greenfield’ development in more than a decade and will form part of the longer-term Coomera Town Centre project that will encompass a wide range of amenities for the local region,” Miles said.
“The future town centre will include community space, commercial, residential and mixed use elements, which will complement the retail and lifestyle destination we’re currently developing for residents of the Gold Coast’s fastest-growing region.
[Related reading: Construction boom brings growing pains to the Gold Coast]The 59,000 square metre Westfield will be located 500 metres off the Pacific Motorway (M1) and next to the Coomera train station.
Earlier this month, Scentre Group announced a profit increase of 22 per cent since the previous half year, lifting the number to $1.4 billion.
The group has assets under management of $47.4 billion and has commenced $900 million in developments with expected total returns in excess of 15%.
Scentre owns 39 Westfield shopping centres in Australia and New Zealand, and said its portfolio remains more than 99.5 per cent leased. Total sales were $22.9 billion.
"Together with Scentre Group, we are pleased to deliver what will be a truly transformative project within a region that continues to be recognised for its sustained growth and vibrancy," QICGRE Managing Director Steven Leigh said.
Work is currently underway, providing almost 7,500 jobs to the area during construction and in retail on completion.