News: Westfield launches stage one Pitt St Mall r

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Westfield Group (ASX:WDC) has today opened the first stage of the $1.2 billion Westfield Sydney redevelopment project, marking the reopening of Pitt Street Mall after two years of construction.

Located in the centre of Sydney, Pitt Street Mall is considered one of the most expensive and busiest retail strips in the nation and is currently undergoing a major refurbishment.

Westfield says the completion of stage one has come six months ahead of schedule and Westfield expects the centre will become a destination for both locals and the 26.8 million domestic and international visitors that annually visit Sydney.

Managing director Steven Lowy says when finished the centre will become one the iconic downtown retail destinations in the world with a completed value of more than $3 billion.

Westfield Group rebounded from half year loss to post a net profit of $965.8 million for the first half of 2010.