$200m plan to expand Stockland Shellharbour
September 26, 2007
Section: News
Stockland has announced lodgement of a development application for a $200 million expansion of its Shellharbour shopping centre.
The move will position Stockland Shellharbour as the largest shopping centre in the Illawarra under one roof.
The 30,000sq m expansion will increase the centre's total gross lettable area to 70,000sq m and involve the integration of Stockland Shellharbour with the Shellharbour town centre via Memorial Drive, to create a major retail precinct and new City Square.
Stockland general manager of retail development, design and construction, Stewart White, said the company's vision was to position Stockland Shellharbour as the focal point of the community, cementing the centre's role as the Illawarra's premier regional shopping destination.
Mr White said the development plans would complement the centre's already strong retailer base comprising Target, Coles and Kmart, with the addition of a department store, a supermarket and over 100 specialty stores, as well as greater and improved parking.
Pending approval of the development application, construction is expected to commence in late 2008. A display of Stockland's plans for the expansion will be available via a Council-run public exhibition process in coming weeks.
Mr White said the development would provide significant benefits for the local community with the creation of over 1000 long-term jobs at the centre and about 1250 ongoing employment opportunities in the broader community.
The redevelopment is also estimated to create a further 300 jobs during the construction period.
Stockland Shellharbour is the second largest centre in Stockland's national retail portfolio, valued at over $253 million and reported annual sales of over $207 million.
book value of over $500 million.
Stockland owns, manages and develops shopping centres throughout Australia and New Zealand.
With 43 retail properties valued at about $4.3 billion, Stockland accommodates more than 3200 retailers and generates in excess of $5 billion in retail sales annually.