$350m Mandurah mall upgrade
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Brookfield Multiplex will start work by the middle of the year on a $350 million expansion of Mandurah Forum, with the redevelopment to make the southern suburbs mall the sixth-biggest shopping centre in the state.
The contractor was selected through a competitive tender process by Mandurah Forum joint owners Vicinity Centres and ISPT, which have previously partnered on three other mall expansions across Australia, including the recently completed $55 million redevelopment of Halls Head Central.
The upgraded Mandurah Forum will include a next generation David Jones store, anchoring a new fashion offer at the centre, while enhanced food and beverage tenancies including al fresco dining options and a food market hall will also be a feature.
A total of 26,000 square metres of retail space will be added, taking Mandurah Forum’s total lettable area to 64,500sqm.
That would rank it at sixth on the BNiQ Shopping Centres list, with more than 220 stores on completion.
“This transformational redevelopment in southern Perth will create a strong focal point for one of the fastest growing catchments in Australia with 2.8 per cent population growth per annum forecast between now and 2030,” Mr Timms said.
The project is forecast to generate an initial yield on cost of more than 6 per cent and an internal rate of return of more than 10 per cent.
Construction is expected to be finished by 2018.
The $420 million redevelopment of the Galleria is expected to receive approval from the Western Australian Planning Commission in the first half of the 2017 financial year, with work scheduled to begin in FY2018.
Those plans comprise an additional department store, a new discount department store, as well as international retailers and specialty tenants, with lease negotiations already well advanced.