Friday, 14 February 2014

Approval for Westfield retail expansion

Westfield has obtained approval for the concept plan for multi-million dollar retail and commercial additions to its shopping centre in Parramatta and approval for stage one, the construction of a retail extension.
Stage one is a single retail extension of 31,495 square metres (GFA) and three additional above ground parking levels accommodating asn additional 562 car spaces..
Stage two is a 20-storey office tower extension providing up to 35,000 square metres of commercial floor space (GFA).
Stage one has a capital investment value of $200 million and $205 million for stage two.
“The investment will generate approximately 861 jobs during construction and 824 jobs post construction, at stage one, and 880 jobs during construction and 2060 jobs post development at stage two,” the Department of Planning and Infrastructure’s environmental assessment report said.
Parramatta City Council’s submission on the application was that the expansion of Westfield would have a number of adverse impacts including the further isolation of the shopping centre from the rest of the CBD, the risk of more vacancies in the CBD, potential reduce the scale of retail in council’s Parramatta Square project and making it increasingly difficult for the CBD to retain and capture mid-range to high-range retailers.
The department commissioned an independent review of the economic impacts which concluded that “the retail expansion would not threaten the role, function, vitality or viability  of any existing or planned centres as the result of the redirection of trade”.
“It is considered that the proposal is unlikely to have an unreasonable impact on other retail elements in the Parramatta CBD,” the department said.
“Overall, the department considers the site provides an opportunity to make a significant contribution to the growth of the Parramatta CBD.”

Construction times have not been announced.