Retail landlord Stockland has unveiled its ambitious $414 million expansion of the Green Hills Shopping Centre near Maitland in NSW.
Green Hills’ redevelopment, the largest retail redevelopment slated to be completed in Australia this year, has doubled the size of the existing mall to around 74,000 square metres.
The revamped centre features leading national and international brands including a 6,000-square-metre David Jones, Mecca Maxima and a two-level H&M that will open its doors on 17 May.
Alongside a myriad of new fashion retailers, new dining, services, entertainment and a beauty oasis have been created to bolster the experiential credentials of the location.
Mark Steinert, Stockland’s managing director and CEO, said the redevelopment of Stockland Green Hills is the largest retail redevelopment ever undertaken by Stockland.
“Green Hills was already one of our highest performing centres, and one of the retail industry’s most productive,” Steinert said. “The Maitland and broader Hunter region deserves direct access to the highest quality shopping, dining, lifestyle and entertainment options, and now following our redevelopment more than $1 billion in retail spending leaving the area each year can remain local.”
Steinert said the project has also generated more than 2,500 new jobs for the Hunter region during construction and will provide ongoing jobs in retail, customer service, operations and hospitality.
The Stockland Green Hills redevelopment is expected to achieve an incremental internal rate of return (IRR) of more than 12 per cent in the ten years post-completion and an incremental, stabilised funds from operations (FFO) yield of around seven per cent.
In total Green Hills now features over 220 retailers including Target, JB Hi-Fi, Harris Scarfe, Endota Spa, Tigerlily, Seed, Country Road, City Beach and Peter Alexander.
The so-called “crown jewel” of the new centre is the new David Jones, which features a Neil Perry inspired café.
The courtyard, has been built with an indoor and outdoor 1,200-seat dining precinct, which was also unveiled on Thursday, with a range of casual dining restaurants including Burger Urge, TGI Fridays, Guzman y Gomez and Rashays as well as LED light trees, to offer a ‘Vivid’ inspired light show each evening for diners.
A new-900 seat Hoyts cinema will also open mid-year.
A glass façade consisting of more than 500 glass panels provides the centre with an entryway and natural light for diners in the food court. Stockland has also more than doubled the centre’s car parking to 3,100 spaces, all featuring Park Assist technology.
Yesterday’s official opening was attended by Stockland executives, David Thomas, chief executive officer of David Jones and special guests Federal Member for Paterson Meryl Swanson MP, Member for Maitland Jenny Aitchison MP, and Maitland City Council Mayor Loretta Baker.
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