Westfield North Lakes redevelopment to open
25 October 2007
The Premier of Queensland, The Hon. Anna Bligh, will officially open the Westfield North Lakes shopping centre redevelopment in Brisbane today, Thursday 25 October.
The centre is jointly owned by Westfield Group and DB RREEF Wholesale Property Fund. The $190 million redevelopment was undertaken over the past 14 months, creating more than 500 jobs during construction and 500 on completion.
Westfield North Lakes opened in 2003 as the Groups first greenfield development in Queensland and on completion of the project the centre now has more than 200 retailers over 58,000 square metres of gross lettable area and six major retailers including Big W, Woolworths and by mid-2008 a new Myer department store.
Westfield managing director Australia and New Zealand Robert Jordan said: South-eastern Queensland is experiencing sustained growth and Westfield North Lakes has been designed to meet the consumer demand that growth will generate. The centre and its surrounding community have both continued to grow since their establishment and North Lakes has become a real focus for the community.
Twenty-five kilometres north of Brisbane, Westfield North Lakes serves a trade area of almost 293,000 people and includes an adjacent residential development with a population that has almost doubled in three years and has parks, bikeways and a golf course as well as the recently developed North Lakes State College, community library, retirement resort and veterinary hospital.
The opening of Westfield North Lakes follows Westfield Groups recent redevelopment openings at Kotara in Newcastle and Derby in the United Kingdom, and will be followed by the projects to open shortly at Annapolis in the United States and Albany in New Zealand.
The Westfield Group (ASX Code: WDC) is the worlds largest listed retail property group by market capitalisation. It is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide. It has investment interests in 119 shopping centres in four countries, with a total value of in excess of A$60 billion and is the largest retail property group in the world by equity market capitalisation.
DB RREEF Wholesale Property Fund (DWPF)
DWPF is one of the largest unlisted wholesale property funds in Australia with total assets of over $3 billion, comprising interests in 15 retail, office and industrial properties across Australia.