Westfield granted approval for Sydney CBD development
14 December 2007
The Westfield Group today announced it had been granted approval by the City of Sydney to redevelop its Centrepoint, Imperial Arcade and Skygarden properties in Sydneys CBD.
The approval completes the second and final stage of the development application process and incorporates the winning concept design from John Wardle Architects, selected in a design competition held by the City of Sydney following the first stage approval in June 2006.
The $600 million project will integrate the existing centres to create a world-class retail destination in the heart of Sydneys CBD. Showcasing the best local and international retailers, the centres redevelopment will focus on high-quality design and features in line with Westfields recent CBD projects in San Francisco, Los Angeles and upcoming projects in London.
The completed centre will include a commercial precinct with a 27-storey office tower of around 60,000 square metres of space to sit above the retail site. The tower will have direct links to the street and the retail below, and has the potential to share an elevated lobby above the retail podium with the offices at 100 Market St. Colliers International and DTZ have been appointed as the commercial leasing agents.
A detailed construction management plan has been developed to minimise the projects impact on the city over the anticipated 3-year construction period, and addresses traffic management, pedestrian flows around the site and dust and noise control.
Construction is expected to start in the second half of 2008, and will be staged to maximise trading periods for retailers and minimise disruption.
Westfield will continue its program of community consultation to ensure that retailers, surrounding businesses, city residents, workers and shoppers are kept informed about the project and its progress.
The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide. It has investment interests in 120 shopping centres in four countries, with a total value in excess of $60 billion and is the largest retail property group in the world by equity market capitalisation.