Early completion of Stockland Wetherill Park expansion vote of confidence in Western Sydney's economic strength

Early completion of Stockland Wetherill Park expansion vote of confidence in Western Sydney's economic strength
Early completion of Stockland Wetherill Park expansion vote of confidence in Western Sydney's economic strength

The $228 million redevelopment and expansion of Stockland Wetherill Park is a measure of confidence in the economic strength of Western Sydney and is part of by Stockland’s $2 billion investment in New South Wales over the next five years.

Stockland’s Wetherill Park shopping centre was completed three months ahead of schedule, just in time for the Christmas and New Year high sales period.

“Our $228 million investment in Stockland Wetherill Park is a strong vote of confidence in the economic strength of Western Sydney,” said Stockland managing director and CEO Mark Steinert.

The second and final stage of the redevelopment saw the addition of 5,600 square metres of retail space with 20 new fashion and homewares retailers together with an 800-seat indoor-outdoor dining precinct, which features 14 new restaurants, cafes and food operators.

Post-expansion, the gross lettable area (GLA) has increased to 70,000 square metres.

Stockland Wetherill Park has more than 210 retailers, including JB Hi-Fi Home, Dick Smith, Industrie, Napolean Perdis and Lorna Jane. 

The centre has more than doubled its fresh food and casual dining offering with brands such as Nandos, Grill’d, San Churro, Thai Rock and Rashay’s Pizza Pasta and Grill. Stockland Wetherill Park is also home to the first Jamie’s Ministry of Food in NSW, a new Fit n Fast gym and upgraded 12 screen Hoyts cinema.

Joining them is a new Coles supermarket with adjoining Liquorland.

The shopping centre’s Facebook page had 15,334 Likes as on February 22.

The Stockland Wetherill Park redevelopment is expected to achieve an incremental internal rate of return (IRR) of more than 15 per cent in the 10 years post-completion and an incremental, stabilised funds from operations (FFO) yield of just over 7.25 per cent.

The redevelopment started in September 2013, creating more than 2,250 jobs.

The opening in December was well attended, with Hon. Chris Bowen MP, Member for McMahon, Shadow Treasurer, Dr Hugh McDermott MP, Member for Prospect and Mayor of Fairfield City, Frank Carbone among those present. 

The parking space was also increased by 30 percent to accommodate 2,700 cars.

Tags: 
Commercial Property Reevelopment

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