Stockland Green Hills Shopping Centre is celebrating its eagerly awaited Grand Opening today, Thursday 22 March. SCN was in attendance as David Jones and Mecca Maxima officially opened their doors this morning, with the centre itself conducting official opening procedures at 10am this morning with Mark Steinart and John Schroder.
Stockland says it has unveiled a new standard in retail for the NSW Hunter and Newcastle regions, with the $414-million redevelopment the largest retail redevelopment to be completed in Australia this year.
Over the past two years Stockland has more than doubled the size of the East Maitland centre to 74,000 square metres (GLA), reflecting very strong customer demand. Today, the centre has been transformed into a fashion, dining, services, entertainment and beauty oasis that Stockland claim will rival any leading metro-shopping centre in Australia, with leading national and international brands including David Jones, Mecca Maxima and a two-level H&M, the latter of which will open its doors on 17 May.
Mark Steinert said that it is the largest retail redevelopment ever undertaken by Stockland.
“Green Hills was already one of our highest performing centres, and one of the retail industry’s most productive,” he said. “The Maitland and broader Hunter region deserves direct access to the highest quality shopping, dining, lifestyle and entertainment options, and now following our redevelopment, more than $1 billion in retail spending leaving the area each year can remain local.”
“Importantly,” he continued, “this project has also generated more than 2,500 new jobs for the Hunter region during construction as well as providing ongoing jobs in retail, customer service, operations and hospitality.
“This redevelopment is a prime example of Stockland delivering vibrant retail town centres that will stand the test of time.”
Stockland Green Hills opening
The Stockland Green Hills redevelopment is expected to achieve an incremental internal rate of return (IRR) of around 12% in the 10 years post-completion and an incremental, stabilised funds from operations (FFO) yield of around 7%.
John Schroder said, “The new Stockland Green Hills is not just about shopping, it’s about delivering an unparalleled lifestyle and retail experience for the community, where people can meet, eat, socialise, be entertained and just relax.”
Invited guests will enjoy a Night of Fashion event this evening with Anna Heinrich and Tim Robards.
