By a staff reporter
Westfield Group Ltd has started the $435 million redevelopment of Sydney joint venture Westfield Miranda with partners Westfield Retail Trust and DEXUS Wholesale Property Fund.
The redevelopment will expand the centre, located 30km south of the Sydney CBD, by 19,000sqm to 127,000 sqm. It will also see the addition of 100 new specialty retailers, 10 new mini-majors and an Event cinema multiplex.
DEXUS Wholesale Property Fund owns half the Westfield Miranda centre, while Westfield Group and the Westfield Retail Trust each hold a 25 per cent stake.
Westfield Retail Trust said its share of the project costs was about $109 million
The redevelopment is set to finish in the fourth quarter of 2014.