Scentre Group and Queensland Treasurer Curtis Pitt MP announces $140m Stage 2 redevelopment of Westfield North Lakes

Queensland Treasurer Curtis Pitt MP, in a joint statement with Scentre Group and DEXUS Wholesale Property Fund, announced today that the Stage 2 redevelopment of Westfield North Lakes would commence in early 2016.

The $140 million project is scheduled to open in late 2016 and will include the addition of a new 17,000 square metre (sqm) retail mall with approximately 60 stores, connecting the existing centre to a new 29,000 sqm IKEA store currently under construction.

The announcement of the new project comes on the eve of the completion of the first stage redevelopment of Westfield North Lakes – opening tomorrow with new precincts for fresh food and dining, and cinemas scheduled to open at Easter 2016.

Commencing in January, the new mall will provide more than 3000 construction jobs, and a further 500 retail jobs on completion.

Mr Pitt said Stage 2 of the of Westfield North Lakes’ redevelopment positioned the Moreton Bay Region to further build on the positive economic growth and jobs creation recorded this year.

“The Moreton Bay area is one of Queensland’s fastest growing regions and Westfield North Lakes has been a big part of this very positive story,” Mr Pitt said.

Scentre Group Director of Development Stewart White said: “Since opening in 2003, Westfield North Lakes has grown in tandem with the local community – and our investment to further develop the centre is a reflection of our commitment to this area. We believe the completed centre will provide the people of Brisbane’s North with a superior facility that meets their every need.”

Penny Ransom, Fund Manager, DEXUS Wholesale Property Fund said: “Our announcement today to further invest in the development of Westfield North Lakes is testament to our commitment to provide an outstanding shopping experience for our customers. This is an exciting phase which will see the centre continue to evolve to serve the needs of the local community.”

Moreton Bay Regional Council Mayor Allan Sutherland said the expansion of Westfield North Lakes epitomised the development of one of Australia’s fastest growing master planned urban communities.

“Westfield North Lakes continues to play a significant role in the development of North Lakes and our region as a big generator of economic activity and provider of thousands of local jobs,” Mayor Sutherland said.

“The two stages of Westfield’s expansion plus IKEA deliver a substantial increase in employment opportunities with 900 local retail and 4,700 construction jobs, as well as world-class shopping experiences right here in the Moreton Bay Region.”

On completion of Stage 2 Westfield North Lakes will be around 113,000 sqm in gross lettable area including IKEA, with almost 280 retailers and 4,600 car parking spaces.

The combined investment from Scentre Group and DEXUS Wholesale Property Fund for Stage 1 and Stage 2 is $220 million.

More than 4,700 jobs in construction will have been created for works across Stage 1, Stage 2 and IKEA, with a total 900 jobs in retail, providing significant employment opportunities for Brisbane’s northern suburbs.

The new retail mall will also include a full-line Kmart and a JB Hi-Fi Home.

ENDS

For further information please contact:

Julia Clarke, Corporate Affairs Manager, 02 9358 7426, [email protected]

Georgia Branch, PR & Social Media Manager, 02 9358 7093, [email protected]

Notes to the Editor:

WESTFIELD NORTH LAKES REDEVELOPMENT TIMELINE

2003 – The $75m Westfield North Lakes opens as ‘greenfield’ development with  25,000sqm of retail space and approximately 70 specialty stores plus Coles, Target and parking for 1450 cars and a trade area of around 117,000 people

2007 – A $155m redevelopment sees the centre more than double its number of stores with170 retailers on completion and 3,500 carparking spaces

2008 -Two-level Myer department store opens

2015 –

February: $80 million Stage 1 redevelopment commences

August: IKEA store construction commences

November: $140 million Stage 2 redevelopment announced Stage 1 opens with new precincts for fresh food and dining, expanded Coles and relocated ALDI

2016 –

January: Stage 2 redevelopment commences

March: 8-screen EVENT Cinemas including 2 V-Max and 2 Gold Class to open as part of Stage 1 redevelopment Q4: IKEA store to open Kmart, JB Hi-Fi Home and 60-store retail mall connecting IKEA to existing centre due to open.