The Scentre Group has announced the $140 million stage two redevelopment of Westfield North Lakes is progressing well. The construction of the Ikea store and Kmart-anchored retail mall linking the existing centre is expected to be completed in November.
The group also announced Kmart and more than 60 specialty stores will be opening at North Lakes later this year, including a new JB Hi-Fi store in the new mall.
The opening of the centre’s Events cinema complex last March marked the completion of the first stage of the shopping centre’s redevelopment.
The Scentre Group, owner of Westfield shopping malls in Australia and New Zealand, recently released another strong quarterly update, saying it expects a three per cent increase in funds from operations in 2016, with a likely two per cent increase in distribution to 21.3 cents per security.
The group’s $155 million redevelopment at Casey Central in Victoria has been completed, with 84 new speciality stores, a new full line Coles Supermarket adjoining a fresh food precinct, a new format Target discount department store, an Aldi supermarket and a casual dining precinct. The final stage is scheduled to be completed in September 2016 with the opening of a new Woolworths supermarket.
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