Westfield Miranda to get $435m facelift
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.
Frequently Asked Questions about this Article…
The Westfield Miranda redevelopment is a A$435 million project to modernise one of Australia’s larger shopping centres. The revamp aims to reposition the mall as an entertainment and dining destination, adding fresh-food offerings, a multi-screen Event cinema complex, an outdoor restaurant precinct, premium services like valet parking and personal styling, and more than 100 specialty and international retailers.
Westfield Miranda is owned 50% by Dexus Wholesale Property Fund (DWPF), with the remaining 50% split between Westfield Retail Trust (25%) and Westfield Group (25%). DWPF’s fund manager Graham Pearson and Westfield’s Australia & New Zealand managing director Robert Jordan are quoted in relation to the redevelopment plans.
The plan includes Myer relinquishing its ground floor to make way for a larger Woolworths, the addition of a multi-screen Event cinema complex, and the introduction of more than 100 specialty and international retailers — possibly including names such as Zara, Top Shop and Apple — plus an outdoor restaurant precinct and premium customer services.
The redevelopment is designed to make Westfield Miranda more of an entertainment hub and town-centre alternative by boosting dining options, adding cinemas, introducing international fashion and tech brands, and offering premium services like valet parking and personal styling. The goal is a stronger mix of retail, food and entertainment to increase foot traffic and customer stay time.
For everyday investors, the redevelopment represents a strategic capital investment intended to enhance the centre’s appeal and long‑term value. The article positions the project as a blueprint for future redevelopments and part of Westfield’s broader development pipeline, which may be relevant to holders of DWPF, Westfield Retail Trust and Westfield Group securities.
The article states the Miranda revamp is intended as a blueprint for future projects. Westfield also reported a A$12 billion pipeline of development work (A$5 billion is its direct share), and plans to start between A$1.25 billion and A$1.5 billion of new developments this year, with Westfield’s share up to A$500 million — indicating this is part of a larger development strategy.
The article says more than 100 specialty and international retailers are expected to be added and cites possible tenants such as Zara, Top Shop and Apple, but it describes these names as potential rather than confirmed tenants.
Under the redevelopment plan, Myer will give up its ground-floor space, which will be taken over by a larger Woolworths, allowing Woolworths to expand its presence in the centre while Myer adjusts its footprint within the mall.
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