First stage complete for Westfield Chermside $200 million redevelopment
18 October 2006
The first stage of a $200 million redevelopment program will open at Westfield Chermside tomorrow.
The centre will have more than 350 stores and 6,200 car parking spaces, consolidating Chermside as one of the premier shopping destinations in Queensland. The centre will increase from 78,000sqm to 110,000sqm in gross lettable area on completion of stage 1, with a further 12,400sqm to be added with the arrival of David Jones in the projects second stage in August 2007. On completion of stage 2 Westfield Chermside will be Queenslands largest shopping centre.
The $200 million redevelopments first stage includes Woolworths, Big W, JB Hi-Fi and around 80 specialty stores while Borders and another 20 specialty stores will open later this year.
The new retail mix will have a distinct fashion focus supported by the arrival of several higher-end retailers including Witchery, Country Road and Seduce over the next two months, to be followed by David Jones next year.
Westfield Managing Director – Australia and NZ Robert Jordan said: Chermside is a key regional centre in Brisbane and is the hub of the citys north. The redeveloped centre will complement the areas mixed-use developments and serve the growing local residential community, as well as drawing shoppers from across Brisbane.
The redeveloped centre will include an open-space market square area surrounded by alfresco dining and a fresh food market overlooking the Chermside Parklands on the centres eastern side. The dining precinct will include such restauranteurs as Wagamama, Badabing and Cibo Coffee in their first suburban location.
Mr Jordan said: Brisbane is a sophisticated market and were delivering a retail experience to meet the demands of its shoppers. Chermside will be a unique destination with a superior retail offer while maintaining the convenience and comfort of a shopping centre.
Westfield Chermside was last refurbished in 2000.
The centre has been open since 1957 and is Brisbanes oldest drive-in shopping centre. The original retail offer included one department store, a supermarket and 22 speciality stores.
The project is being delivered on schedule and the yield on cost will be in excess of 10% as originally forecast.
The Westfield Group (ASX Code: WDC) 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 121 shopping centres in four countries, with a total value in excess of A$56 billion and is the largest retail property group in the world by equity market capitalisation.