Lend Lease Completes Phase I of $270M Mall Project in Australia
- Mar 10, 2014
Lakeside Joondalup Shopping City, a prime Perth shopping mall has marked the completion of Phase I of its $270 million redevelopment project with the opening of South Mall. Upon completion of redevelopment, Lakeside Joondalup will become the largest shopping center in Western Australia, boasting over one million square feet.
The 21-store South Mall will be home to retailers new to Lakeside Joondalup such as Jamaica Blue, BankWest and Foothaven as well as existing vendors relocating such as Autograph, Westpac, Australia Post and Goldmark Jewellers. Phase one also included the new 870-car four-level parking facility which opened in February 2014.
The shopping center’s redevelopment will continue with phase two, the two-story Myer mall section. With construction already underway, it will consist of a 129,166-square-foot Myer Department Store, 105 tenancies plus a new casual dining area. Redevelopment also includes the transformation of Station Square, a plaza located at the entrance to the mall, into a dynamic hub with an outdoor dining precinct, thus improving connectivity to the existing bus and rail interchange.
The entire redevelopment is expected to complete before Christmas 2014. It will bring Lakeside Joondalup up to 1,044,100 square feet of gross leasable area, 125 specialty stores, a Myer department Store and an expanded Coles supermarket for a grand total of 320 retailers. The shopping center featured 764,237 square feet of gross leasable area prior to the $270 million (AUD 300 million) expansion that kicked off in November 2012. Lend Lease’s Project Management and Construction Business are designing and constructing the redevelopment, which will create 900 new retail jobs.
Lakeside Joondalup Shopping City is located 15.5 miles from the Perth CBD. It is owned by the Lend Lease managed Australian Prime Property Fund Retail (APPF Retail) with an institutional investment partner. The 1989-established APPF Retail is a core wholesale unlisted property trust focused on the long-term ownership, development and repositioning of quality diversified, predominantly core Australian retail real estate assets. It comprises 13 shopping centers such as the $200 million (AUD 220 million) Caneland Central in Mackay, Queensland, purchased in 2001 and since expanded and repositioned as a major regional retail center with 100 specialty stores and a two-level Myer department Store.