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Stockland Shellharbour – Largest Illawarra Shopping Centre

“Stockland today announced it had lodged a development application for a $200 million expansion of its Shellharbour shopping centre on the NSW south coast, positioning Stockland Shellharbour as the largest shopping centre in the Illawarra region under one roof. The 30,000m2 expansion will increase the centres total gross lettable area to 70,000m2 and involve the integration of Stockland Shellharbour with the Shellharbour town centre to create a major retail precinct and city square. Stockland CEO Retail John Schroder said œThis significant redevelopment is a key project in our $1.8 billion national retail development pipeline and will position Stockland Shellharbour as the premier retail centre in the Illawarra region. œThe new Stockland Shellharbour will showcase our ability to add value to our retail portfolio by leveraging our development, design and delivery expertise, said Mr Schroder. The expansion will complement the centres already strong retailer base comprising Target Coles and Kmart, with the addition of a department store, one supermarket and over 100 specialty stores, restaurants and cafés, as well as improved parking. Mr Schroder said œWe have worked closely with Shellharbour City Council and the local community to ensure this significant extension delivers a high quality retail precinct with a range of services and amenities for our customers, better integrating the shopping centre with the town square. The centre will also incorporate new family rooms, a world-class initiative being introduced to many of Stocklands newly developed centres across the country, plus a host of other customer and sustainability initiatives. Pending approval of the development application, construction is expected to commence in late 2008. A display of Stocklands plans for the expansion will be available via a Council-run public exhibition process in the coming weeks. Stockland Shellharbour is currently the second largest centre in Stocklands national retail portfolio, valued at over $253 million and reporting annual sales of approximately $210 million for the 2007 financial year. The redevelopment of Stockland Shellharbour complements Stocklands already significant investment on the NSW south coast, with seven retail centres in the region representing a total book value of over $500 million. Stockland owns, manages and develops shopping centres throughout Australia and New Zealand. With 43 retail properties valued at approximately $4.3 billion, Stockland accommodates more than 3,200 retailers and generates in excess of $5 billion in retail sales annually.”

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