Property group Stockland
(ASX:SGP) has flagged an enormous upgrade to it’s Hervey Bay shopping mall precinct in Queensland.
The $115 million re-development will double the size of the site, to over 36,000 square metres.
A 500 seat food court will be built, and 70 stores will be added, taking the number of retail tenants to 110.
Stockland expects a return on investment of 14% once the upgrade is complete, in late 2014.
In it’s most recent earnings, Stockland posted a $147 million net loss to December 31.
