article Biddors for a $5-million property site in Westpac’s former Westfield Sydney Stadium have been approached by property developers looking to build a $500-million redevelopment of the former venue.
Key points:Bidders are now looking at $1.8 billion redevelopment of Westpac stadium siteThe deal is a significant win for the state government, who has been struggling with land acquisitionThe site is near the Westfield shopping centre and is the site of the current Sydney Opera HouseBiddors will be able to bid for up to 1.8 hectares of land, which could include a hotel, office or retail spaceThe proposal would be the biggest land purchase of the new stadium, with about 20 hectares of undeveloped land being considered.
“The proposal is a huge win for Westpac and the state of NSW, as the site is just outside of Sydney’s CBD and adjacent to shopping centres,” a company that is seeking the site, AGL Group, said in a statement.
“It would provide a strong economic boost for the surrounding area and create more jobs.”
A Westpac spokeswoman said the company had not received any formal bid, but it had been in discussions with other interested parties.
“We have not received an official bid from anyone and we are currently in discussions,” she said.
“This is still a process and we would expect a decision on this proposal by the end of the week.”AGL Group is confident it will be approved and we look forward to finalising the site and moving forward with the project as soon as possible.
“A lot of interest, but not a clear winnerThere are many hurdles to overcome in a bid for the site.
The bid needs to be approved by the NSW Government and the land would need to be identified and developed, and approved by an urban design committee.
The Westpac site would be in the suburb of Darlinghurst, which is currently under planning, and is not in the city of Sydney.”
The redevelopment would involve building a hotel and retail space on the site that would be connected to the existing Westfield Shopping Centre and the Westfields Sydney Stadium, which was built in the 1960s.”
We will be working closely with the local community, including Westpac employees, to secure this project.”
The redevelopment would involve building a hotel and retail space on the site that would be connected to the existing Westfield Shopping Centre and the Westfields Sydney Stadium, which was built in the 1960s.
The current Sydney Stadium is a mixed-use complex, and the current Westfield site has not been identified for redevelopment.
Westpac is also working on a new hotel and residential project on the other side of the harbour.
It is believed to be looking at redeveloping the site into a two-storey mixed-income residential development.
The proposed redevelopment would also involve a new Westpac shopping centre, which would include a grocery store and a boutique hotel.
Bidding is expected to start in the next two weeks, with bids due in April 2020.