Property and infrastructure group Lend Lease has secured a A$208m ($216m) design and construction contract to redevelop Lakeside Joondalup Shopping City in Perth, Western Australia (WA).
Lend Lease-managed Australian Prime Property Fund Retail (APPF Retail) and an institutional investment partner jointly own Lakeside Joondalup Shopping City.
In 2009, Lend Lease acquired Lakeside Joondalup centre from ING Retail Property Fund Australia.
As per the deal, Lend Lease’s project management and construction business will design and construct the centre.
The $300m redevelopment will increase Lakeside Joondalup’s total area from 71,000m² to 96,000m², surpassing the 90,361m² Westfield Carousel, which was previously claimed to be WA’s biggest shopping centre.
The redevelopment will also include a new two-level, 12,000m² Myer department store, 95 national and local retailiers, a new casual dining precinct, and a 5,000-bay multi-storey car park.
Construction work is scheduled to start in November 2012 and is expected to be complete by late 2014.
Lend Lease chief executive officer and managing director Steve McCann said, "Our project management and construction, retail asset management and development businesses have played a major role in the successful expansion of other APPF Retail-owned assets, including the recently completed Caneland Central in Mackay, as well as Craigieburn Central, currently under construction in Melbourne."
In November 2011, the East Perth Redevelopment Authority of WA selected Lend Lease as the preferred bidder for the $1bn Waterbank site redevelopment in east Perth.
Image: Lakeside Joondalup’s redevelopment will increase its total area from 71,000m² to 96,000m². Photo: Paul Clarke.