Development Highlights


Commenced
Commenced $605m of developments (SCG share $480m), including developments at Chermside, North Lakes and Whitford City.
Completed
Completed $855m of projects (SCG share $170m), including Casey Central, Westfield Marion Fresh Food, and the third party design and construction project at Pacific Fair.
Future Pipeline
The future development pipeline continues to be in excess of $3bn, with forecast total returns in excess of 15%.

ACTIVE PROJECTS


ACTIVE PROJECTS
Total Project SCG Share Anticipated
$m $m Completion
2016 Commencements
Chermside 355 355 2017
North Lakes - Link Mall 170 85 2016
Whitford City - Cinemas & Restaurants 80 40 2017
Prior Period Commencements
Warringah Mall 310 155 2016
Total Active Projects 915 635
Project Yield Range 7.0% - 7.5%

Westfield CHERMSIDE

- Active -
OVERVIEW
Project Cost $355m (SCG Share: $355m)
Additional Retailers Approx 95
Incremental GLA1 33,000
Completed GLA1 156,600
Completion Date Q2 2017
Construction is now well underway for the $355m redevelopment at Westfield Chermside which is due for completion in mid-2017.

Interest from retailers has been strong for each of the project’s three components: the fashion galleria mall, the new restaurant precinct and the lifestyle and entertainment precinct.

Key mini majors Zara and H&M have now been leased.

1. Retail component only

Westfield NORTH LAKES

- Active -
OVERVIEW
Project Cost $170m (SCG Share: $85m)
Additional Retailers Approx 60
Incremental GLA1 43,500
Completed GLA1 113,000
Completion Date Nov 2016
The successful opening of the Event cinema complex in March 2016 marked the completion of the Stage 1 redevelopment.

The $170m Stage 2 redevelopment is progressing well. Construction of the IKEA store and Kmart - anchored retail mall linking to the existing centre is anticipated for completion in November 2016.

Leasing has been strong with all mini majors (JB Hi-Fi HOME, Cotton On Mega and Rebel) secured and specialty leasing deals nearing completion.

1. Includes Ikea

Westfield WARRINGAH MALL

- Active -
OVERVIEW
Project Cost $310m (SCG Share: $155m)
Additional Retailers Approx 70
Incremental GLA1 14,000
Completed GLA 133,000
Completion Date Nov 2016
Construction at Westfield Warringah Mall is progressing well and on track for completion in November 2016.  

In July 2016 the first stage of the $310m redevelopment opened with a new fresh food market and the Cross Street multi-deck parking structure with approximately 1,200 spaces.  

The final stage will include the launch of Australia’s first “New Look” Myer department store and an additional 70 retailers. It will also include a refurbished centre court, dedicated event spaces and a customised kids play area developed in conjunction with local community groups.  

Leasing demand for the centre remains high, with H&M committing to the centre as well as a collection of fashion and food retailers that will resonate with the centre's trade area.

1. Gross built GLA 14,000 including the Myer reconfiguration

Westfield WHITFORD CITY

- Active -
OVERVIEW
Project Cost $80m (SCG Share: $40m)
Additional Retailers 4
Incremental GLA 5,000
Completed GLA 85,000
Completion Date 2017
Construction at Westfield Whitford City commenced in Q3 2016 with completion expected in 2017.  

The project includes a new Event cinema (including a Gold Class) and a comprehensive entertainment, dining & leisure precinct comprising restaurants, cafes and family entertainment uses.

Westfield CASEY CENTRAL

- COMPLETED -
OVERVIEW
Project Cost $155m (SCG Share: $155m)
Additional Retailers 76
Completed Centre Retailers 98
Incremental GLA 22,200
Completed GLA 28,700
In March 2016 Casey Central’s $155m redevelopment opened with 84 new specialty stores, a new full line Coles Supermarket adjoining a fresh food precinct, a new format Target discount department store and an Aldi supermarket.  

Highlights of the project include the new fresh food market, a casual outdoor dining precinct and an external children’s play area, creating a destination for the local community.  

The final stage is scheduled to be completed in September 2016 with the opening of a new Woolworths supermarket.

Future Pipeline


Total Future Development Pipeline > $3bn
Albany (NZ) Marion (SA) Tea Tree Plaza (SA)
Carousel (WA) Newmarket (NZ) Warringah - Stage 2 (NSW)
Coomera (QLD) Plenty Valley (VIC) Whitford - Stage 2 (WA)
Innaloo (WA) St Lukes (NZ)
Knox (VIC) Sydney (NSW)