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Stockland $170m Redevelopment At Merrylands

“Stockland today announced it would commence construction of the new Stockland Merrylands shopping centre in what will be the largest retail redevelopment undertaken in the groups history. The $170 million redevelopment involves the integration of Stockland Merrylands and the Merrylands town centre to create a major retail precinct. Built in 1972, Stockland Merrylands was the first shopping mall in Stocklands portfolio and was last redeveloped in 1981. Upon completion of the redevelopment, Stockland Merrylands will comprise approximately 40,000sqm in gross lettable area. Stockland Retail CEO John Schroder said œThis landmark project represents a key milestone in our $1.5 billion national retail development pipeline and will showcase our capacity to leverage our development, design and delivery capability to add value to our retail portfolio. œThis is a significant investment for Stockland which will cement Stockland Merrylands position as the premier regional shopping destination for the area, Mr Schroder said. Stockland has worked closely with Holroyd Council on the redevelopment plans, which will significantly improve the centres convenience and accessibility, with changes to the streetscape seeking to maintain and enhance existing connections with the Merrylands town centre. The redeveloped Stockland Merrylands will offer customers a wider range of quality shopping alternatives, including two additional levels comprising two discount department stores including Target, two supermarkets, a new food court and a further 100 specialty shops. The new centre will also incorporate a fully integrated five-level car park with over 2,000 customer car parks, comprising 1,500 undercover spaces, which will be highly convenient and customer friendly. The Stockland Merrylands redevelopment complements Stocklands already substantial investment in the western Sydney region. Other local assets include Stocklands 520-lot Lakewood residential community at Greystanes, which has an end value of $154 million, the $300 million Yennora Distribution Centre, and the recently expanded M4 Greystanes Industrial Park, which has a current book value of $55 million. Stockland is also undertaking redevelopments at a number of its other centres across the country, including a $50 million upgrade of Stockland Baulkham Hills, an $87 million redevelopment of Stockland Rockhampton and the $300 million mixed use development at Balgowlah on Sydneys northern beaches. Stockland also announced last week that Myer had chosen Stockland Townsville as its key North Queensland store, cementing the centres position as the premier fashion destination in the region.”

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