Retail giant, Westfield Group, has announced the commencement of a $435 million redevelopment of Westfield Miranda in Sydney with joint venture partners Westfield Retail Trust and DEXUS Wholesale Property Fund.
The redevelopment will expand the centre by approximately 19,000 sqm to 127,000 sqm and will include more than 100 specialty and international retailers, with Zara, Top Shop and Apple among the possible tenants.
The proposed scheme include a refurbishment of the Myer department store, a refurbished Big W discount department store, a new full-line Woolworths supermarket and a relocated 10-screen multiplex Event cinema.
The cinema complex will be linked to an outdoor restaurant precinct.
Westfield Miranda will also follow the trend to other recently completed Westfield centres - such as Sydney's Pitt Street - by offering premium customer services such as valet parking and personal styling services.
The mall is 50 per cent owned by the DEXUS Wholesale Property Fund and the remainder is split between the Westfield Retail Trust (25 per cent) and Westfield Group (25 per cent).
Westfield Group Australia, United States and New Zealand Managing Director Robert Jordan said the redevelopment will further enhance Westfield Miranda’s position in the market as the retail hub for Sydney’s southern suburbs.
“The refurbishment of major stores and the boost to the retail mix with a further 100 shops including the some of the best domestic and international brands will further consolidate Westfield Miranda as the premium retail, lifestyle and entertainment destination in the south of Sydney.”
Graham Pearson, DWPF Fund Manager agreed with these sentiments, saying, “Westfield Miranda is a transformational project which will firmly position the centre as the leading super regional shopping centre in the southern suburbs of Sydney and enhance its status as one of the strongest performing centres in Australia on a total sales basis.
Completion of the redevelopment is due in late 2014 with the new cinema complex to open in mid-2015.