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31 Mar 2019

2018 developments add 106,000 sqm to living centre portfolio #Economic Performance

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Creating extraordinary places, connecting and enriching communities is at the core of what we do.

2018 was an exciting year for the business. Redevelopments at Westfield Carousel (WA), Westfield Kotara (NSW) and Westfield Tea Tree Plaza (SA), our first greenfield at Westfield Coomera (QLD), as well as Westfield Plenty Valley (SA) earlier in the year, collectively added 106,000 sqm to the portfolio.

In July 2018, Scentre Group also acquired a 50 per cent interest in Westfield Eastgardens in south-east Sydney. The centre is regarded by planning authorities as one of Sydney’s ‘strategic centres’, with great redevelopment potential for both retail expansion and mixed-use development.

Scentre Group’s pre-eminent living centre portfolio now includes 41 Westfield centres across Australia and New Zealand, valued at $54.2 billion, around 11,500 outlets, more than 3.8 million sqm of retail space and a future development pipeline in excess of $3 billion.

As well as delivering strong growth to our securityholders, our centres support local economic activity and enhance the quality of local infrastructure. This year, our redevelopment program generated almost 15,000 jobs in construction, and 1,400 permanent roles in retail.

We pay special attention to curate our living centres to serve the individual needs of each community and elevate the customer experience. They are the heartbeat of our communities, with customers visiting to connect with others and access services and experiences that can be consumed on-site, not just to shop.

Westfield Coomera is Scentre Group’s first greenfield development. Opening in October 2018, more than 40 per cent of the centre is dedicated to dining, leisure, entertainment and services. A key feature is a purpose-built and expertly curated outdoor space for children and families, The Backyard.

The redevelopment of Westfield Carousel opened in August 2018, delivering a vibrant open-air rooftop dining and entertainment precinct. Westfield Kotara launched its new Youth and Urban precinct in October 2018. Westfield Tea Tree Plaza’s new dining and leisure precinct also opened in October 2018.

To add to the beauty of each centre’s unique architecture, art is playing an increasingly prominent role within our development designs, drawing on the local community for inspiration. Our new living centres bring to life our commitment to Diversity and Inclusion, connecting our local communities through the work of local artists, many of whom are local Indigenous people. These artworks honour the natural and cultural histories that contribute to the experience of country (place), helping our customers gain understanding, appreciation and a sense of belonging to these places.