Morley Galleria's Major Revamp Set for Christmas Unveiling
Shopping mall owner Vicinity Centres has announced that the extensive $240 million redevelopment of Morley Galleria is advancing smoothly and remains on schedule for completion in time for the crucial Christmas trading season. The project, which aims to transform the aging shopping centre, is a significant investment in Perth's retail landscape.
Construction and Leasing Progressing Well
Vicinity chief executive Peter Huddle provided an update on Wednesday, confirming that construction and leasing activities are progressing well. The redevelopment work commenced last September after years of delays and mounting frustration from local residents. Mr Huddle expressed confidence in meeting the Christmas deadline, highlighting the project's importance for the community.
"We remain on track to complete the project in time for Christmas this year," Mr Huddle stated during the company's first-half results presentation. "This important redevelopment will deliver a completely refreshed customer experience for Galleria's large and loyal customer base in and around central Perth."
Key Features of the Revamp
The ambitious redevelopment includes several major enhancements designed to modernise the shopping centre and improve the overall visitor experience. Key features of the revamp are:
- A new alfresco dining precinct offering outdoor dining options
- Nearly 100 retail tenancies, providing a diverse range of shopping opportunities
- An entertainment precinct for leisure and recreation activities
- Significant upgrades to the centre court area
Myer Morley Facelift as Part of Broader Refresh
In related news, Myer Morley will also undergo a substantial facelift as part of a broader refresh initiative led by boss Olivia Wirth. The upgrade will feature a new beauty hall and the introduction of several new brands, enhancing the department store's appeal.
Works on the Myer Morley refurbishment are scheduled to begin in May and are expected to be completed by the end of October, aligning with the overall redevelopment timeline.
Financial Performance and Project Valuation
Vicinity Centres, one of Australia's largest retail property groups with 52 shopping centres nationwide, has reported strong financial results. The company delivered a net profit of $805.6 million for the six months to December, a significant increase from $492.6 million in the previous corresponding period.
The Morley Galleria redevelopment is valued at approximately $240 million, a reduction from the initial estimate of $350 million. This adjustment reflects careful project management and cost optimisation efforts.
The completion of this redevelopment is eagerly anticipated by both retailers and shoppers, promising to revitalise Morley Galleria as a premier shopping destination in Perth.
