The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
12
print
Print
OtherRalph NicholsonTue 24 Jan 23

Vicinity Wins Planning Changes for Ambitious Bankstown Project

Bankstown Central Hero

Shopping centre giant Vicinity Centres has moved a step closer to its ambitious plans to transform the centre of Bankstown with the New South Wales government approving changes to local planning controls.

The Department of Planning and Environment has agreed to amendments to Bankstown’s local environment plan which will allow increased building heights and floor space ratios.

It’s another step in Vicinity’s staged, 30-year plan to re-develop 11.4ha of central Bankstown into a thriving mixed-use urban neighbourhood.

Under its plan, the project, known as Bankstown Central, at least 19 towers will be added around the existing central shopping centre.

Early plans for the $1.3-billion redevelopment, about 20km south-west of Sydney, include 1255 residential apartments, 439 hotel rooms, 694 student accommodation units and about 90 serviced apartments.

There will be about 120,000sq m of commercial space and 15,000sq m of new retail. That is in addition to the existing 91,000 sq m of retail.

The existing shopping centre, which was built in 1966, counts Myer, Target, Big W, Kmart, Woolworths, Dan Murphy’s and Coles as it anchor tenants, as well as 260 speciality stores.

The Bankstown Exchange is one of three buildings which have already been approved for development.
▲ The Bankstown Exchange is one of three buildings that have already been approved for development.

In documents lodged in support of the planning proposal, planners Urbis said height and density would be focused along North Terrace and near the existing Bankstown railway station and future metro station.

About 5000sq m of public park and another 5000sq m of pedestrian-focused plazas would be part of the plan. Jacobs Street between The Mall and Northern Terrace would be extended for road traffic and pedestrians.

The bus interchange and layover will be moved to a new permanent location either within or outside of the development site.

The gateway approval will more than double building heights for the site, from 35m and 41m up to 86 metres.

In total, the proposed land use is split between 147,500sq m of residential and 158,750sq m of non-residential floorspace. Urbis said that mix would deliver 10,215 new jobs within the Bankstown centre.

The 30-year-proposal calls for up to 19 commercial and residential towers around the existing shopping centre.
▲ The 30-year-proposal calls for up to 19 commercial and residential towers around the existing shopping centre.

“Bankstown Central (is) a truly mixed-use centre, supporting employment growth and commercial office provision as well as a greater diversity of uses, including residential accommodation, student housing, hotel, and child-care, whilst continuing its function as a regional shopping centre,” Urbis said.

“The new population at the site, including residents, students, hotel visitors and on-site workers has the potential to generate an additional $88 million in retail spend, which will contribute to improving the performance of existing retailers within the centre as well as supporting new local retail businesses.”

The gateway approval comes after discussions with planning, urban design, and traffic teams at Canterbury Bankstown City Council dating back to 2017.

Vicinity Centres, a publicly-traded real estate investment trust has stakes in about 60 shopping centres, and has continued its turnaround in the wake of the pandemic and a rebound in the retail sector.  It reported a net profit of almost $1.22 billion for the 12 months to June 30 last year—up from a $258-million loss the previous year.

OtherStudent HousingRetailResidentialOfficeHotelAustraliaPlanningPlanningSector
AUTHOR
Ralph Nicholson
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
View All >
Not-for-profit BaptistCare is about to embark on one of its biggest projects to date, a 6.4ha development in Sydney’s north west with a capital investment value exceeding $2 billion.
Placemaking

BaptistCare Plans $2bn Precinct at Macquarie Park

Renee McKeown
Builder Hansen Yuncken has completed construction of ISPT and HESTA's latest addition to the St Vincent's Hospital Melbourne Precinct.
Life Sciences

ISPT, HESTA $140m Fitzroy Life Science Tower Tops Out

Marisa Wikramanayake
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
The developer returns to his roots, filing plans for a first-of-its-kind premium business park in his Mornington Peninsu…
LATEST
Not-for-profit BaptistCare is about to embark on one of its biggest projects to date, a 6.4ha development in Sydney’s north west with a capital investment value exceeding $2 billion.
Placemaking

BaptistCare Plans $2bn Precinct at Macquarie Park

Renee McKeown
2 Min
Builder Hansen Yuncken has completed construction of ISPT and HESTA's latest addition to the St Vincent's Hospital Melbourne Precinct.
Life Sciences

ISPT, HESTA $140m Fitzroy Life Science Tower Tops Out

Marisa Wikramanayake
2 Min
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
3 Min
King William Road City of Unley Corner of Mary Street and King William Road North
Planning

Rezoning Push to Unlock $300m Scheme at SA’s Unley

Leon Della Bosca
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/vicinity-bankstown-central-stage-approved