Stockland Corporation Limited
(ASX:SGP) will spend $222 million into its Wetherill Park shopping centre in western Sydney.
The developer plans to expand the property by 15,000 square metres to give it a gross lettable area of more than 70,000 square metres.
The Wetherill Park development includes a large entertainment and leisure complex including an upgraded 12-screen Hoyts, additional restaurants and a new 800-seat food court.
The centre has two supermarkets, a Big W and a Target, and 200 specialty stores, with average rent of $11,150 per square metre.
Chief executive of Stockland, Mark Steinert, forecast the redevelopment would provide 'strong financial returns, deliver growth in market share and recapture a portion of the estimated $600 million expenditure in this trade area.
Stockland generated a net profit of $104.6 million in fiscal 2013.
