Vicinity and Challenger's 2050 vision for Bankstown unveiled

Vicinity Centres (Vicinity) and Challenger have unveiled their vision to transform 11.4 hectares in the centre of Bankstown into a vibrant mixed-use urban neighbourhood to work, live, stay, dine and shop.

The long-term vision for Bankstown in Sydney’s growing south west could see up to 8,400 workers, 3,500 residents and 1,800 students onsite when the final stage of the development is completed in 2050 with commercial offices, a hotel, serviced apartments, student accommodation, residential apartments, childcare facilities and public open and landscaped green spaces all forming part of the owners’ vision.

The completed vision would see 300,000 square metres of new, modern buildings added to Bankstown Central’s existing footprint across 16 development sites, with staging aligned to market demand.

Vicinity’s Chief Development Officer Carolyn Viney said: “With a major bus interchange onsite and the existing Bankstown train station, the future T3 metro station and Western Sydney University’s new vertical campus all just 100 metres away, our vision takes advantage of the unique opportunity we have to leverage Bankstown’s strength as a key public transport, commercial, health and education hub.

“Our vision embraces growing consumer preferences for hyper-local living and a desire to live, work and play close to home. The proposed development is close to the popular Paul Keating Park and just a stone’s throw away from Bankstown Library and Knowledge Centre and offers workers and future residents the convenience of a contemporary retail offer, services and hospitality at Bankstown Central,” Ms Viney said.

“With strong transport links and Bankstown’s status as a future Health and Education Innovation Precinct we believe this is the perfect location for a city-shaping project, breathing new life and investment into Bankstown, creating new jobs and importantly keeping jobs local.”

Taking advantage of its location in the heart of Bankstown’s CBD, the first two Development Applications include:

  • a seven-level commercial office building overlooking Jacobs Street
  • a new ‘Eat Street’ with cafes and restaurants
  • an eight-level commercial office building fronting Rickard Road
  • close to half a hectare of new landscaped public open space including a garden boulevard and courtyard overlooking Jacobs Street
  • repositioning the existing bus interchange between The Mall and North Terrace, closer to the Bankstown train and future metro station and the centre’s fresh food precinct, and
  • a new basement carpark for more than 320 cars.

“We know our centre is a community and employment hub and these projects play a significant role in supporting ongoing and future employment, with 400 direct and indirect jobs created during construction and, on completion, up to 8,400 new jobs in the precinct,” Ms Viney said.

“Our 2050 vision reflects our long-term confidence in the Canterbury-Bankstown region and supports Sydney’s continued population growth and ongoing densification in areas best placed to accommodate it.”

Over the past 12 years, more than 46,000 new residents have moved into Bankstown and more than 100 residential apartment projects are proposed or already under construction which will deliver more than 6,200 new dwellings by 2024.

Demand for new, quality residential projects in Sydney's south-west remains strong with the State’s Department of Planning and Environment predicting population growth will be 1.7% per annum over the next decade creating demand for an expected 33,000 additional dwellings per year.

The proposal aligns with The Greater Sydney Commission’s South West District Plan which identifies Bankstown town centre as a Strategic Centre to support population growth and the development of a 30-minute city.

“These development applications along with the Planning Proposal submitted in December 2019 are a significant step in the future revitalisation and renewal of Bankstown’s town centre which has experienced limited new private investment over the past 30 years,” Ms Viney added.

Bankstown Central already welcomes 17.5 million visitors each year and by bringing an additional 13,000 people to work, stay or live at Bankstown Central is expected to generate an additional $89 million in retail spending supporting new and existing retailers and businesses.

The Development Applications are subject to approval by the City of Canterbury-Bankstown and commencement of the projects will be subject to approval by Vicinity’s and Challenger’s Boards.

 

CONTINUED KEY FACTS

Bankstown Central

  • 11.4 hectares in the centre of Bankstown integrated with public transport including the future Bankstown T3 metro station and existing train station and bus interchange
  • 24 kilometres south-west of the Sydney CBD
  • Bankstown is identified as a Strategic Centre to support population growth and the vision for a 30-minute city along with as a future Health and Education Innovation Precinct
  • Bankstown Central welcomes 17.5 million visitors each year

Vision overview

  • 30-year plus vision to transform Vicinity’s 11.4 hectares in the heart of Bankstown
  • 300,000 square metres of mixed-use development area across 16 development sites
  • The masterplan includes commercial offices, a hotel, serviced apartments, student accommodation, residential apartments, childcare facilities and public open and landscaped green spaces
  • Once completed, Bankstown Central will be home to 8,400 workers, 3,500 residents, 1,800 students and 800 overnight visitors
  • Urbis projects the additional population of residents, workers, students and visitors will provide 13,000 additional customers to Bankstown Central each day
  • Urbis projects that new residents, workers, students and visitors will generate an additional $89 million retail spend annually

The project’s first development applications

  • First two projects have a total investment value of circa $222 million and the breakdown is:
    • Seven level building – $138 million
    • Eight level building – $84 million
  • A seven-level, 20,100 square metres, commercial office building overlooking Jacobs Street
  • An eight-level, 12,200 square metres commercial office building fronting Rickard Road
  • An ‘Eat Street’ with 2,000 square metres for new restaurants and cafes on ground level of the Jacobs Street office along with a standalone café-style pavilion
  • New 4,700 square metres public open space including a garden boulevard and courtyard overlooking Jacobs Street
  • The relocation of the bus interchange between The Mall and North Terrace closer to the Bankstown train station
  • New basement carparks for more than 320 cars
  • 400 direct and indirect construction jobs over two years

For further information please contact:

Kat Rellos
T +61 411 245 099
Katherine.Rellos@vicinity.com.au

Ali O’Shea
T +61 427 373 857
Ali.OShea@vicinity.com.au

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