Westfield Miranda to get $435m facelift
Westfield Miranda, one of the larger shopping malls in the country, is to undergo a $435 million redevelopment, which will act as a blueprint for future projects.
There will be a greater emphasis on fresh food and entertainment, the opening of international clothing brands and smaller anchor department stores.
Myer will relinquish its ground floor to a larger Woolworths, while a new multi-screen Event cinema complex will be added.
The mall is 50 per cent owned by the Dexus Wholesale Property Fund and the remainder is split between the Westfield Retail Trust (25 per cent) and Westfield Group (25 per cent).
The redevelopment will also include the addition of more than 100 speciality and international retailers, possibly including Zara, Top Shop and Apple, among others.
DWPF fund manager Graham Pearson said the aim of the revamp was to transform the centre into an entertainment destination. "It's all about the mix in a new shopping centre and the integration of new methods of retailing," he said.
Westfield's managing director, Australia and New Zealand, Robert Jordan, said a feature of the redeveloped centre would be an outdoor restaurant precinct with multiple dining options.
"Westfield Miranda will also offer premium customer services including valet parking and personal styling services," Mr Jordan said.
"As centres get redeveloped there will be a greater emphasis on restaurant precincts, cinemas and the successful international labels."
Mr Jordan said malls were now entertainment hubs and a modern centre was a form of town centre.
In its first quarter earnings report, issued on May 13, Westfield said it had a $12 billion pipeline of development work, of which its direct share is $5 billion.
This year Westfield Group expects to start between $1.25 billion and $1.5 billion of new developments, of which its share is up to $500 million, including Miranda.