Westfield begings redevelopment of Fountain Gate and Hornsby
05 April 2000
Westfield Trust announced today that it has commenced theredevelopment of Westfield Shoppingtown Fountain Gate in Melbourneand Westfield Shoppingtown Hornsby in Sydney.
The redevelopments are part of Westfield Trust’s current $1.6billion development program in Australia that ensures WestfieldShoppingtowns keep pace with the changing demands of thecommunities they serve.
The redevelopment of Carousel in Perth was completed in Octoberlast year and the final stages of the redevelopments of Southlandin Melbourne and Chatswood in Sydney will be completed by May thisyear. The completely rebuilt Burwood in Sydney will open before theSydney Olympics and Chermside in Brisbane will be completed beforethe end of the year.
Westfield Managing Director Steven Lowy said: “Our redevelopmentprogram ensures we capitalise on the opportunities provided bychanges in work, social and cultural patterns in the community andremain at the cutting edge of design and retail mix.
“Our best performing centres over the past decade have beenthose that have undergone redevelopment which gives us confidencein our next projects, including those at Fountain Gate andHornsby.
“The Street entertainment and leisure concept, which hasbeen a great success at both Carousel and Southland, will beintroduced at both Fountain Gate and Hornsby. This innovation hasbuilt on the proven success of the entertainment offered atWestfield Shoppingtowns Parramatta, Miranda, Marion, Tuggerah andIndooroopilly and is proving to be an excellent driver of customertraffic to our shopping centres.”
Westfield Shoppingtown Fountain Gate
The redevelopment of Westfield Shoppingtown Fountain Gate willfirmly position the centre as the destination for fashion, leisure,entertainment, food and convenience shopping in Melbourne’s outersouth-eastern suburbs.
Westfield Trust acquired 50% of the centre in 1995 and theremaining 50% in 1997 with a view to capitalising on its long termpotential.
Westfield Shoppingtown Fountain Gate is located in the fastestgrowing municipality in Victoria with a population forecast to growat more than three times the national average over the next sixyears.
The redevelopment will cost about $190 million and is expectedto be completed in late 2001. It will provide jobs for 2,700people, both on site and in new retail positions throughout theshopping centre and entertainment precinct.
The main shopping centre will expand from 43,700 square metresto 81,500 square metres and be the centrepiece of a much broaderTown Centre that will feature the proposed City of Casey AquaticCentre and other retail, leisure and commercial facilities.
A new Big W, in its latest format, and a new Harris Scarfe willjoin Kmart and Target and the centre will also feature threesupermarkets – the existing Coles, a new Bi-Lo and a relocatedlarger Safeway. The number of specialty stores will increase from139 to about 250.
A 10-screen Village cinema complex, with stadium seating andsurround sound for over 2,500 people, will anchor The Streetentertainment and leisure precinct at Fountain Gate. This willbring cinemas to the centre for the first time and, together with anew 800-seat food court, create a food and leisure focus for theregion.
Convenience will continue to give the centre a competitive edge,with direct access from the Princes Highway and a future link to,and major exit from, the Monash Freeway. There will be about 4,500car spaces, including 1,400 undercover.
With world-class cinemas, music and book stores, cafes andrestaurants and quality retailers, the redeveloped WestfieldShoppingtown Fountain Gate will offer an even greater shoppingexperience for people of all ages living in the fast growing outersouth eastern suburbs of Melbourne.
Westfield Shoppingtown Hornsby
The existing Westfield Shoppingtown Hornsby is being totallyrebuilt and combined with an extension and full refit of theexisting Northgate centre. The new centre will be one of the mostmodern shopping environments in Australia.
The redeveloped Westfield Shoppingtown Hornsby will complementthe lifestyle of the affluent Upper North Shore suburbs thatsurround it and offer residents a better quality shoppingexperience. The average income in the trade area is 25% above theSydney average.
The redevelopment will cost about $350 million and the majorityof the project is expected to be completed by late 2001. It willprovide jobs for 5,500 people, both on site and in new retailpositions throughout the shopping centre and entertainmentprecinct.
Before demolition, the Hornsby and Northgate centres offered acombined 48,000 square metres of retail space. The redevelopedcentre will be 97,800 square metres. The number of car parkingspaces at the centre will increase from 2,260 to 3,900.
David Jones will open a new store at Westfield ShoppingtownHornsby, making the centre one of only four major shopping centresin NSW to include both David Jones and Grace Bros. In addition, thecentre will have a refurbished Kmart, a new Target and expandedColes and Woolworths. The number of specialty stores will increasefrom 163 to 310.
Westfield Shoppingtown Hornsby will feature the very best in freshfood and a 10-screen Greater Union cinema complex, with seating for2,500 people, that will be the anchor of a new entertainment andleisure precinct with the finest brasserie-style restaurants in arelaxed outdoor environment.
Hornsby will also feature an extensive range of fashion retailers,including Australia’s finest up-market designers and the mostinnovative retailers from Australia and overseas. Youth fashion andstreetwear will feature particularly, in a youth fashionprecinct..
Mr Lowy said the redevelopments of Fountain Gate and Hornsby wereexpected to deliver an initial yield of about 8%, which is greaterthan the cost of capital for Westfield Trust, and enhance the totalreturn from the centres over the medium to long term.
The new Westfield Shoppingtowns Fountain Gate and Hornsby willprovide a higher quality shopping experience for their localcommunities, with world-class cinemas, music and book stores, cafesand restaurants and a comprehensive range of quality retailers.