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Stockland takes on largest retail project with A$414M revamp of shopping mall

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Stockland takes on largest retail project with A$414M revamp of shopping mall

Diversified property developer Stockland is commencing a A$414 million redevelopment of its Green Hills shopping center near the city of Maitland in the Australian state of New South Wales, The Australian Financial Review reported.

The refurbishment, set to begin within the week ending March 23, will double the size of the shopping center to approximately 74,000 square meters, the paper noted, adding that the redevelopment will be the developer's largest retail project.

Upon the project's completion, the overhauled shopping center will house Target, JB HiFi, Harris Scarfe, Endota Spa, Tigerlily, Seed, Country Road, City Beach, Peter Alexander and a 6,000-square-meter David Jones store.

According to the March 21 report, the mall's revamp is expected to deliver an internal rate of return increase of over 12% over the next decade, as well as a 7% yield on stabilized funds from operations.