By a staff reporter
Stockland Ltd has announced a $115 million redevelopment of its Hervey Bay Shopping Centre in Queensland.
The development, due to start next month, will more than double the size of the site and is expected to be completed by mid-to-late 2014.
The redevelopment will increase the size of the Hervey Bay centre from 15,600 square metres to over 36,000 square metres.
It will add an additional 70 speciality stores to the centre, taking its total number of retailers to more than 110, as well as a 500-seat food court.
Stockland group executive John Schroder said Hervey Bay was one of several of the group's centres earmarked for redevelopment, which is expected to deliver average incremental total development returns of between 13 per cent and 14 per cent.
The group said the redevelopment demonstrated its commitment to enhancing returns by enhancing centres in key growth corridors.
“It follows our investment of $900 million to successfully redevelop our shopping centres in Merrylands, Townsville and Shellharbour,” Stockland managing director and CEO Mark Steinert said.
Stockland said Hervey Bay will remain open for business during the 18-month construction project.
The project is expected to generate over 250 local jobs during construction and more than 600 new retail jobs when it is complete.