Centre opens amid fanfare

MELBOURNE: The redevelopment of Westfield Doncaster shopping centre has been hailed as a success with the groups behind the project earlier than planned and under budget. Officially opened yesterday (October 16), the $600 million redevelopment has doubled the size of the centre to 120,000 square metres with the mall boasting around 420 stores.

Construction on the new development began 18 months ago as a joint investment between Westfield and The Asia Property Fund, with the new centre set to become the Group's flagship Victorian store - in the same way as Westfield Bondi Junction is New South Wales'.

Westfield managing director Steven Lowy opened the mega mall - complete with customer services such as butlers, valet parking, concierges and personal stylists - to the public and saie the project had been delivered at a yield of 8.75 per cent.

"This yield has exceeded the group's target yield range of 7.75 to 8.25 per cent and has been achieved from increased rental income as well as construction cost savings."

Big name Australian retailers to secure space at the new site include: Witchery, Zimmermann, Veronika Maine, Pilgrim Clothing, Cue and Jigsaw. More upmarket international retailers to have a presence include Max Mara, Lacoste, Boss, Georg Jensen and Christensen Cophenhagen.