Posted September 16, 2019 17:27:27 Sydney’s Westfield development project, which has been dubbed Sydney’s “Golden Generation” due to its rapid rise in population, is currently in the process of acquiring the development rights to land owned by the City of Sydney.
The project, developed by Sydney Development Partners (SDP), has been awarded the exclusive rights to the land, which is known as Westfield Park, for a total of $13.5 million.
The SDP, which acquired the rights to Westfield park in December 2018, has been in discussions with the City for the past six months and hopes to complete the acquisition of the site by the end of 2019.
The land is valued at $6.9 million.
The development rights, which are currently under review, include an 845,000 sq ft (3,800 sq m) development that is being designed to be the city’s first mixed-use development.
Sydney Development Partners has already completed three of the seven sites selected for the development, with the remaining two to be completed by 2020.
“Westfield Park is one of the most exciting projects we have completed in Sydney over the past four years and we are excited to partner with the city on this first stage of the acquisition process,” SDP’s CEO, Richard Leinster, said.
“Westfield is a natural fit for Sydney, with a well-known location and extensive urban heritage and community amenities.”
A key part of the SDP acquisition process will be securing land on the site, which would include the site of the former Westfield Shopping Centre and its surrounding neighbourhood, as well as an area of the development to be used as a community park.
“We are very excited about securing this area for the project,” Mr Leinister said.
“We have completed our land acquisition process and have commenced discussions with SDP on the land acquisition.
This will be the largest redevelopment of any residential or commercial site in Sydney, so this is an exciting project for the city.”
The Westfield project is the third development under the SDT banner to receive the exclusive right to develop the property, which will include a number of new residential and commercial developments, and is expected to create an estimated 1,200 jobs over a 25-year period.
SDT has already secured the rights for a number new residential developments, including a proposed development called The Cottage at Westfield that will have a combined total of 2,400 units, which the developer said will be built in stages.
It is the first time that a development has been acquired in the city for a project of this size, which includes an expansion of the existing development to include a new tower and the creation of a new office and retail development, along with a new residential area that will be used to house offices and apartments.
For more information about the development of Westfield, please visit: http://www.westfieldpark.com.au/