WESTFIELD Group has finally pushed the ‘‘go’’ button for a $435 million redevelopment of its Miranda complex.
The company announced yesterday the start of work on the project, which will include 100 more specialty shops, new cinema complex and outdoor restaurant precinct.
Westfield said the gross area available for letting would increase by about 19,000 square metres to 127,000 square metres.
‘‘The redevelopment will also include a refurbishment of the Myer department store, a refurbished Big W discount department store, a new full-line Woolworths supermarket and a relocated 10-screen multiplex Event cinema,’’ a statement said.
‘‘A key feature of the redeveloped centre will be an outdoor restaurant precinct with multiple dining options.’’
Westfield said the development was expected to be completed late next year, with the new cinemas to open in mid-2015.
It had originally planned have the project finished by the end of this year.
Westfield Group’s Australia, US and New Zealand managing director Robert Jordan said the redevelopment would further consolidate the Miranda complex as ‘‘the premium retail, lifestyle and entertainment destination in the south of Sydney’’.
Mr Jordan said the extra 100 shops would include ‘‘some of the best domestic and international brands’’.
The project will be a joint venture between Westfield Retail Trust ($109 million share) and DEXUS Wholesale Property Fund, which invests in retail, office and industrial properties.
Westfield has said previously the project would generate about 4000 jobs during construction and, on completion, about 850 additional full-time and part-time retail jobs.
The new cinema complex and outdoor restaurant precinct will be at the eastern end of the complex.
A paid parking system will be introduced once the redevelopment is completed, and there will be 650 extra car park spaces.
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