Westfield unveils plans for $1 billion world-class Bondi Junction Centre
27 August 2002
Westfield today unveiled plans for its $1 billion shopping andentertainment complex at Bondi Junction in Sydney’s easternsuburbs.
“Our Bondi Junction redevelopment will deliver to Sydney alandmark retail precinct of the highest quality, with world-classdesign, local and international retail brands plus five-starcustomer services,” said Westfield’s Managing Director StevenLowy.
Bondi Junction is in the heart of Sydney’s affluent easternsuburbs with a population of 260,000 and a per capita income 40%higher than the Sydney average.
By 2005, the first year of the centre’s completion, the BondiJunction trade area will have disposable retail income of $3.1billion a year. This compares with Miranda, Chatswood andParramatta whose trade areas have disposable incomes of $2.1billion, $2.5 billion and $2.7 billion respectively.
Bondi Junction is also the major public transport hub for theeastern suburbs with a new rail and bus interchange bringing 75,000commuters each week day to the area.
“Westfield Bondi Junction will cater for suburbs such as DarlingPoint, Paddington, Bellevue Hill, Double Bay, Point Piper andVaucluse, to name just a few. In other words, some of Sydney’s mostaffluent areas,” Mr Lowy said.
“However, at the moment these areas are under-serviced in termsof the quality of the retail offer.”
Westfield is bringing its global resources to bear on everyfacet of the Bondi Junction project, from the design and high-gradefinishes, through to its leasing strategy which aims to attract thevery best retailers.
“This is a special retail centre for a very special market. Wehave extensive experience in developing and managing centres inaffluent trade areas. For example, we have recently redeveloped theValley Fair centre in the US which services the high-income SiliconValley and Century City, servicing Beverley Hills, inCalifornia.
“We aim to use this experience to create a truly world-classshopping centre at Bondi Junction,” Mr Lowy said.
This development is forecast to cost around $680 million. Oncompletion the total complex is forecast to be worth in excess of$1 billion, including the existing book value plus enhanced valueexpected from the development.
Key project information
- 4 kms east of the Sydney CBD.
- Consolidates three existing retail sites.
- Approximately 330 retailers.
- 104,000 sqm of retail space.
- 22,000 sqm of commercial space in two towers.
- Two department stores (David Jones and Grace Bros), twosupermarkets (Coles and Woolworths), a discount department store(Target) a nine-cinema complex (Greater Union) plus cafes andrestaurants.
- 3,300 car parking spaces.
- Forecast project cost – $680 million.
- Forecast value on completion – in excess of $1 billion.
- Completion in late 2004.
- DA first lodged in December 1996.
Key information on Bondi Junction
- One of Australia’s most affluent trade areas.
- Average per capita income nearly 40% higher than Sydneyaverage.
- Population 260,000.
- By 2005, estimated annual retail spend of $3.1 billion.
- 75,000 public transport commuters per week day.