LENDLEASE GROUP | Macarthur Square receives nod for $240 million redevelopment |
| 21 July 2015 |
Sydney, 21 July 2015: Macarthur Square shopping centre owners, Australian Prime Property Fund Retail (APPF Retail) and GPT Wholesale Shopping Centre Fund (GWSCF), have provided final approval to start the centre's $240 million redevelopment. The redevelopment will transform and reposition Macarthur Square, addingapproximately 16,000 square metres to the property and affirming its position as thelargest shopping centre in south west Sydney. The centre will offer customers a new 4,500 square metre full line Coles, a new 1,500square metre full line Aldi, an expanded and refurbished Target, a new 2,500 squaremetre 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 anddeliver increased returns to APPF Retail's investors into the future. "Lendlease is able to leverage its complete range of capabilities including investmentmanagement, development, construction and asset management. The re-positioning ofMacarthur Square will capitalise on the existing strong performance of the centre andunderpin its continued success," Ms Rampa said. GWSCF Fund Manager Michelle Tierney said the owners' investment in MacarthurSquare would consolidate the strong growth in the region and would deliver a furtherboost to the quality of the GWSCF portfolio. "The people of the Macarthur region have been asking for a greater retail, fresh foodand entertainment offering and that is exactly what this redevelopment will deliver," MsTierney said. Head of Lendlease's Retail business, Gary Horwitz, said the redevelopment willstrengthen the position of Macarthur Square by introducing an upgraded and revitalisedshopping experience. "We are excited to announce the introduction of the next generation David JonesDepartment Store, which will undergo a complete refurbishment. "Our current retailer offer will be further enhanced with the introduction of approximately45 specialty stores as well as a fresh food market hall and a collection of new diningoffers adjacent to a spacious dining terrace. "The redevelopment will stimulate the local economy, boosting employment andoffering further opportunities to retailers," Mr Horwitz said. Construction is expected to take approximately two years, with the main extensioncomplete prior to Christmas 2016. It is estimated the redevelopment will generate morethan 2,000 jobs during construction and approximately 1,000 additional retail positionsonce the project is complete. Lendlease's Building business will design, project manage and construct the project.
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Samantha Murray About Lendlease Lendlease is a leading international property and infrastructure group. Listed on theAustralian Securities Exchange and with circa 12,600 employees worldwide,Lendlease's capabilities span the property value chain. In Australia we offer development management; investment management; projectmanagement & construction and asset & property management. Our expertise coversmultiple sectors including commercial, residential, retail, retirement and infrastructure. |
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