Almost three years in the making, the new-look Charlestown Square will have 110 new specialty shops including Rebel Sport, JB Hi Fi and City Beach, taking the centre's total to 280.

Reading Cinemas will have eight theatres, including two golden lounge cinemas, and the Strike tenpin bowling centre will come complete with a karaoke room and laser tag facility.

Justin Day, from developers The GPT Group, estimated that the Charlestown Square centre would be worth between $850 and $900 million when it was finished.

"We estimate that half a billion retail dollars are spent outside the region each year in Sydney or on the Central Coast or even interstate in places like Melbourne," Mr Day said.

"What we are aiming to do is provide the specialty shops here at Charlestown Square so people can get everything they need.

"When it's finished it will be 88,000 square metres compared to the Kotara centre which is about 65,000, and it is one of the most productive shopping centres in the state."

The new development will create 1250 retail jobs and has provided 1300 construction jobs since the development started in January, 2008.

The development will have a Youth and Community Centre jointly run by Lake Macquarie City Council and Charlestown Square to assist teenagers who have a strong presence in the centre.

It will also lead the way in sustainability initiatives with an emphasis on natural light and natural ventilation throughout the centre.