Westfield reaches agreement on King St access to centrepoint
05 November 2007
The Westfield Group today said it had reached an agreement with Stockland and Colonial First State Global Asset Management over the 135 King St access issue, in relation to its redevelopment of Centrepoint, Imperial Arcade and Skygarden properties in Sydneys CBD.
The settlement has provided for underground access from King St through to the Centrepoint and Imperial Arcade sites, extending beyond the existing access to Skygarden. A traffic management agreement has also been entered into between the parties to ensure the orderly management of service vehicles and tenant parking.
This agreement satisfies one of the City of Sydneys conditions of consent for Westfields development application.
The second stage development application was lodged in June 2007 and is currently before the City of Sydney.
The Westfield Group (ASX Code: WDC) is the worlds largest listed retail property group by market capitalisation. It 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 119 shopping centres in four countries, with a total value in excess of A$60 billion.