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Vicinity’s Plans for 18 Towers in Bankstown

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Shopping centre owner Vicinity Centres has unveiled plans worth $1.3 billion to redevelop Bankstown Central shopping centre in Sydney’s south west.

Vicinity’s 30-year “vision” is to transform its 11.4ha in Bankstown to include 900 apartments, a 700-guest room hotel and 300,000sq m of mixed-use space across 18 towers.

The precinct will also include a mix of retail venues, wellness and co-working spaces, food and beverage venues, and public open and landscaped green spaces.

Stage one plans are the construction of the first three office towers above a shared retail podium as well as a large public plaza and a “refreshed” car park with 320 spaces, 240 ground floor bicycle racks and end-of-trip facilities.

Two eight-level mixed-use commercial office buildings will be built along Jacobs Street and Rickard Road, with a five-storey mixed-use commercial office building, also planned for Jacobs Street, to feature ground level retail, food and beverage tenancies, and a private rooftop terrace.

▲ Artists impressions of Vicinity's plans to transform 11ha at Bankstown Central.


Vicinity Centres chief development office Carolyn Viney said the project’s first stage would revitalise the Bankstown CBD and provide the foundations for the creation of a new health and education innovation precinct.

“Bankstown Central’s location and strong public transport links, including the new Metro station, to be delivered in 2024, represent the perfect platform to support a future health and education innovation precinct,” Viney said.

“Our plans integrate office and retail space, providing a place where residents of Sydney’s south-west can live, work and play close to home, while providing the opportunity to transform the area into a true city of the future.”

In Box Hill, Melbourne, Vicinity similarly has completed a master plan to reconfigure two existing retail sites on the existing 5.5ha footprint.

The redevelopment could potentially deliver 350,000sq m across seven new towers, creating close to $2 billion in developed real estate.

Last month, Vicinity reported a decrease in valuations across its $13.5 billion retail portfolio, down 1.2 per cent fall—equivalent to $164 million, across its 60 directly owned malls.

Its portfolio, heavily weighted towards Melbourne—which has been stricken by a number of lockdowns, includes a stake in the country’s largest mall, Chadstone.

Despite its larger malls experienced devaluations, Vicinity’s portfolio of discount DFO malls picked up a 27.4 per cent lift in values while Vicinity’s neighbourhood centres, which focus on non-discretionary shopping, also proved resilient with a 4.4 per cent gain.

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Article originally posted at: https://www.theurbandeveloper.com/articles/vicinity-unveils-plans-for-bankstown-centre