Australian Property Group Begins Work on $330m Redevelopment

Australian retail property group Westfield Retail Trust has begun work on the $330m redevelopment of the Westfield Fountain Gate shopping centre in the suburbs of Melbourne, Australia.

The redevelopment project will add a gross leasable area of 34,600m² to the 137,100m² currently available on site.

The project will see the addition of new parallel malls which will be anchored by a Myers store and nearly 122 other stores to the retail centre.

Westfield Retail Trust is contributing $165m to the redevelopment project.

The project has a completion date pencilled in for late 2012.