The idea of a low-maintenance forever home located close to the city were the two driving factors behind a recent purchaser’s journey at Murcia, the under-construction East Brisbane apartment development by Sarazin.

Last year, Lois and her husband purchased a two-bedroom plus multi-purpose room (MPR) apartment in the new building, which is being constructed by Hutchinson Builders and is on track for completion in late-2027.

[smartcode_project:default project_id=135094 project_image_fid=341638]

The couple’s number one priority was to remain within easy commuting distance of the city for work. Murcia is positioned alongside the new Cross River Rail, with Woolloongabba Station just 300 metres from the front door.

They are currently living in their Annerley unit, which they have owned for several years, after recently moving out of their inner-city apartment, located on the very same street as Murcia.

“We had watched the development for a long time, and when construction activity began, that’s when we felt confident to buy,” Lois said.

[smartcode_project:default project_id=135094 project_image_fid=356540]

The timing also made sense. By moving back into their Annerley unit, they are able to save money ahead of settlement, while looking forward to returning closer to the city once Murcia is complete.

“We see Murcia as a forever home, as opposed to an investment, or something we need to appreciate massively in value and move on from in a few years,” Lois said.

“We secured an apartment large enough to grow a family, so we’re expecting to call Murcia home for a very long time.”

The couple plan to grow their family, but without the added maintenance demands of owning a standalone house further from the city. Working with Sarazin and architect HAL, they were able to slightly tweak the floorplan, converting the two-bedroom plus MPR layout into a functional three-bedroom apartment.

An added bonus was the recently revised communal space plans, which now incorporate a dedicated working-from-home area, complete with work pods, and shared desks.

“It means the third bedroom doesn’t have to become a part-time office and part-time bedroom,” Lois said, adding that residents have the benefit of working from home without actually being inside their apartment.

The rooftop wellness amenity was another standout compared to living in an established complex or a house. A signature feature of Sarazin developments, the rooftop will include a full gym, hot and cold plunge pools, a steam room and sauna, and a hotel-style pool with cabanas.

[smartcode_project:default project_id=135094 project_image_fid=214682]

Buyer journeys can vary significantly, from purchasing in the established market to buying new, or choosing between houses and apartments. Lois said they knew immediately that buying off the plan was right for them.

“We wanted something new, with less maintenance, and we weren’t quite ready to make the full financial leap straight away. The timing and deposit structure gave us the flexibility we needed.”

Designed by HAL Architects and inspired by the Spanish city of Murcia, the development takes a Mediterranean-influenced approach to architecture and landscaping, with a strong emphasis on shared spaces.

“The design feels considered, the amenities support how we actually live, and the location keeps us connected to the city without feeling right in the middle of it.”

Murcia is Sarazin’s second development in the area, following the completion of Silk One just up the road in 2022. They have several more projects coming to market in Woolloongabba ahead of the 2032 Brisbane Summer Olympics.

[smartcode_project_cta:default project_id=135094]

Joel Robinson

Close to the city, built for the future: Inside a growing family’s move to Murcia in East Brisbane

While most developers are aiming high across the Gold Coast, John Kearney’s <a href="https://www.apartments.com.au/developers/immerse-projects">Immerse Projects</a>&nbsp;has scaled back its plans for its Kirra Beach project.

As first reported by Apartments.com.au in April 2025, Immerse <a href="https://www.apartments.com.au/news/qld/first-look-immerse-projects-plan-new-apartments-at-kirra-beach">lodged plans for 105 apartments</a> on its 2,026 sqm Haig Street site.

The developer has now revised the proposal, reducing the 14-storey building to nine storeys and cutting the total number of apartments from 105 to 65.

The new scheme will also feature a broader mix of apartments. It will comprise 23 two-bedroom units, 17 three-bedroom units, and 25 four-bedroom apartments, the latter a configuration that was not included in the original proposal.

<img alt="Lot 11 C2859, 7 Haig Street, COOLANGATTA QLD 4225" data-entity-type="file" data-entity-uuid="972e3bbf-c3e6-4308-b098-5821e571f829" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Haig%20Street%20perspective%201.png?VersionId=3jkyNU0n7TW08DpkoEsY62bXWTb3UHxY" />

The building will rise to a compliant height of 29 metres, aligning with the Building Height Overlay.&nbsp;

The built form incorporates three basement levels accommodating 197 resident car parks and 13 visitor spaces, alongside storage and servicing areas. Level two is dedicated in part to communal amenity, including a lap pool along the western boundary, pool deck, spa and cold plunge pools, gym, work-from-home and meeting spaces, and landscaped areas designed to enhance privacy and outlook.

The typical floorplate will have eight apartments per level.

<img alt="Lot 11 C2859, 7 Haig Street, COOLANGATTA QLD 4225" data-entity-type="file" data-entity-uuid="002d2594-9cf4-4ee4-bb2a-9a0546ac1cc5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Haig%20Street%20site.png?VersionId=Qk.Cm0K9RziXrWu0Q4u2eOjEM3CwNhhC" />

The subject site is currently occupied by two 1970s-era walk-up buildings, Giraween and Caribbean, comprising 14 apartments.

Immerse Projects, led by building veteran John Kearney, who also heads construction firm Greyburn, has become increasingly active in the Kirra and broader southern Gold Coast market. The group recently completed Rhyhthm Kirra Hill on Garrick Street. They have another site locally, on McLean Street, which has approved plans for 58 apartments.

First Look: Immerse favours four-bed apartments in Kirra Beach switch

The development wave is continuing in the affluent suburb of Woollahra following last year’s planning reforms introduced by the Minns Labor Government.

In early 2025, the NSW Government implemented significant changes to its Low and Mid-Rise Housing Policy, altering planning controls to allow greater density for new apartment projects within an 800-metre walking distance of stations and town centres in the Woollahra Local Government Area, overriding existing local controls. Buildings are now permitted to rise up to six storeys within 400 metres of a station or centre, or eight storeys where affordable housing is incorporated, and up to four storeys within the 401 to 800 metre radius, which can increase to six storeys with affordable housing.

Since then, a significant number of development applications have been lodged, and numerous sites have transacted, some at record highs, with the increased density provisions now working in favour of developers.

Lower North Shore developer Abadeen are behind the latest project. They are planning a six-storey residential building at 101–115 Edgecliff Road, on the border of Woollahra and Bondi Junction.

<img alt="First Look: Lindos Group plans six-storey adaptive reuse apartment project in Woollahra’s Fletcher Precinct" data-entity-type="file" data-entity-uuid="17a75a04-3ecd-4b0f-af9f-54514690721b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Edgecliff%20DA%20front.png?VersionId=r0MiKualBGqKrjVj6hJZHsEiwl9QzF0D" />

The proposal would replace a trio of interwar flat buildings on the amalgamated 1,514 sqm site, which has three street frontages to Edgecliff Road, Adelaide Street and Australia Lane.

Importantly, as noted in the documents, the project represents a 200 per cent increase in bedroom density, from 32 bedrooms to 66, rather than a significant increase in the number of apartments, which will rise only slightly from 28 to 29.

The scheme proposes four one-bedroom units, 13 two-bedroom units, and 12 three-bedroom apartments. The submitted planning documents note that, based on market research and background analysis, one of the primary target markets will be downsizers seeking to remain in the local area while moving out of larger freestanding homes they no longer require.

“This allows for new housing supply opportunities beyond just the subject site,” the Design Report by architecture firm Squillace states. The current unit mix comprises 24 one-bedroom apartments and four two-bedroom units.

The top level of the new development will feature a rooftop deck with a pool, barbecue facilities, integrated seating, and a communal vegetable and herb garden.

“Providing these facilities is beneficial in encouraging increased interaction between occupants, which in turn fosters a greater sense of community,” Squillace’s report notes. The firm adds that the vegetable and herb garden, in particular, offers social value, with volunteering opportunities creating further interaction among residents.

<img alt="First Look: Lindos Group plans six-storey adaptive reuse apartment project in Woollahra’s Fletcher Precinct" data-entity-type="file" data-entity-uuid="9619b7bb-291d-417a-a006-f36d14a97cb1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Edgecliff%20DA%20perspective.png?VersionId=PYeMKcgOnEV7XVztARQ_YVDlvHcuyZaW" />

Squillace describes the intent as delivering additional housing supply while maintaining the heritage character of the Fletcher Precinct.

“Our objective is to design a high-quality benchmark building that enables considered additions and the adaptive reuse of the existing three brick residential flat buildings,” the architecture firm states.

The site is located within a heritage conservation area, with all three existing buildings identified as contributory items in the Woollahra Development Control Plan. Rather than pursuing wholesale demolition, the proposal retains the primary brick façades and tiled pitched roof forms along Edgecliff Road and Adelaide Street. New upper-level additions are set back from the existing parapets and articulated with horizontal and vertical shadow lines to provide visual separation.

“The proposed design seeks to retain the primary brick façades and roof forms to the street, demonstrating how existing building fabric can be preserved while increasing housing density within conservation areas,” the report adds.

Prior to Christmas, around <a href="https://www.apartments.com.au/news/nsw/rose-bay-apartment-market-fires-up-with-200m-in-new-developments-filed">$200m of new projects</a> were filed in Rose Bay alone, within the Woollahra LGA.

The suburb of Woollahra is subject to the most change in the Woollahra LGA, with the&nbsp;Minns Labor Government to deliver&nbsp;Sydney’s first new heavy rail station in more than a decade, enabling up to 10,000 new homes by rezoning land around&nbsp;<a href="https://www.apartments.com.au/developments/woollahra-nsw-2025" target="">Woollahra</a>&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developments/edgecliff-nsw-2027" target="">Edgecliff</a>&nbsp;stations.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/next-stop-woollahra-train-station-delivering-up-to-10-000-new-homes-in-the-heart-of-sydney">Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney</a>

First Look: Woollahra development wave continues as Abadeen plots six-storey apartment block

<a href="https://www.apartments.com.au/new-apartments/crest-broadbeach-13-armrick-avenue-broadbeach-qld-4218">Crest Broadbeach</a> continues to record strong sales momentum more than a year after the launch of second tower, reinforcing buyer confidence in the <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> development as construction progresses on site.

The two-tower project on Armrick Avenue is now around 70 per cent sold. Around 90 per cent of the apartments in the first tower have been snapped up, with more than 40 per cent of sales achieved in the second tower since its mid-2025 release. With both towers now under construction and completion targeted for late 2027, Crest continues to attract buyer interest well after its initial launch.

The project’s sales success reflects Morris Property Group’s long-standing commitment to premium locations, delivery certainty, and apartments designed for long-term owner-occupiers.

[smartcode_project:default project_id=112024 project_image_fid=343113]

Crest occupies a rare position on Armrick Avenue, a leafy Broadbeach address that has seen minimal apartment development despite the suburb’s wider growth. The site overlooks expansive green space, including Broadbeach Park and the neighbouring bowls club grounds, offering leafy outlooks and immediate access to open space just moments from the beach.

That scarcity has been a key driver of urgency, particularly among buyers seeking a full-time coastal residence in an area where new supply opportunities are increasingly limited.

Delivery certainty has also played a central role. Morris Property Group is delivering Crest using its in-house construction team, with both towers being built concurrently, providing buyers with clear construction visibility at a time when confidence in project timelines has become a decisive factor.

The developer’s long-standing presence in Broadbeach has further reinforced buyer confidence. Crest is Morris Property Group’s ninth apartment development in the suburb since 2006, following recently completed projects such as Malo Broadbeach and with Maison Broadbeach currently under construction nearby.

[smartcode_project:default project_id=112024 project_image_fid=5430]

Pricing has also been carefully positioned relative to comparable beachfront and near-beach product. With two and three-bedroom apartments starting from $1.199 million, Crest has attracted both local downsizers and interstate purchasers seeking value without compromising location or build quality.

According to Apartments.com.au enquiry data, interest has remained broad-based, with Queensland buyers forming the core market and New South Wales accounting for around 20 to 30 per cent of enquiries since early 2024.

Apartments have been designed with owner-occupiers in mind, prioritising generous floor plans, practical storage, and low ongoing costs. Hybrid timber flooring, Bosch appliances, ducted air conditioning with condensers positioned away from balconies, and low body corporate levies, averaging around $90 per week for two-bedroom apartments, have resonated with buyers planning to live in the building long term.

[smartcode_project:default project_id=112024 project_image_fid=286005]

Resident amenity has been curated to support everyday use rather than short-term spectacle, with a gym, pool, barbecue facilities and landscaped outdoor spaces integrated into the development.

As broader market conditions continue to reward projects that combine location discipline with delivery certainty, Crest’s sales performance highlights where buyer demand is consolidating in Broadbeach, towards established streets, proven developers, and apartments designed for permanence rather than turnover.

[smartcode_project_cta:default project_id=112024]

Sustained sales momentum underpins demand at Morris Property Group’s Crest Broadbeach

<article data-scroll-anchor="true" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:2cd0935f-64f2-4642-8736-f0c056a17aa8-1" dir="auto" tabindex="-1">
South East Queensland developer SIERA has lodged a development application for a 27-storey residential tower on Chevron Island, marking its third project in the Surfers Paradise area and second within the island precinct.

Designed by Gold Coast-based BDA Architecture, the proposal comprises 130 apartments across a slender tower positioned opposite Chevron Island Park. The 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-19-anembo-street-surfers-paradise-qld-4217">17-21 Anembo Street</a> sits at the western entry to the island and offers protected view corridors towards the Nerang River and hinterland.

According to SIERA Founder Brent Thompson, the design intent has been to create what he describes as “a Queenslander in the sky,” with a narrow floorplate to minimise overshadowing, maximise cross-ventilation and respond to the subtropical microclimate.

The podium has been articulated with layered materials and cascading landscaping to provide a transition between the park frontage and the residential tower above. A full-floor communal amenity level on level four will capture elevated park and river views, providing residents with wellness and recreation facilities in a private setting.

<img alt="Siera" data-entity-type="file" data-entity-uuid="7d1008c8-e1b5-4923-a568-29f356068e3f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-02-16%20at%204.06.44%E2%80%AFPM.png?VersionId=p_0qI12aHgz3M8aHFbUoduXBOKDhcrqV" />

Thompson said the project continues the developer’s focus on Chevron Island, a precinct he believes has been “significantly underrated” but is now gaining broader recognition.

“The demand we’ve seen at Tapestry, nearing sell-out and completing later in 2026, confirms this is where Gold Coast residents want to live,” he said.

“It offers something rare: quiet neighbourhood character with wide, tree-lined streets, genuine local amenity, cafes, quality restaurants, medical services, daily necessities, and excellent connectivity to the light rail, beaches, river and HOTA, without feeling touristy or transient. As one of only two true island residential communities on the Gold Coast with limited development opportunity, this will become one of the coast’s most coveted addresses for those seeking a genuine residential lifestyle.”

Chevron Island has undergone steady evolution in recent years, benefiting from its proximity to HOTA and improved connectivity to Surfers Paradise and the light rail network. Thompson described the location as presenting “a unique window of opportunity”, noting that while buyer activity is strong, “pricing hasn’t yet caught up to comparable locations.”

“For buyers who understand the precinct’s trajectory, particularly its proximity to HOTA and the cultural activation happening there, this represents compelling value,” he said.

Apartment configurations will comprise two- and three-bedroom layouts targeted primarily at local owner-occupiers. Thompson said the homes are designed for “practical living,” with natural light, cross-ventilation and generous outdoor spaces central to the planning approach.

“We’re not chasing volume,” Thompson added. “We’re focused on delivering projects in the right locations for genuine owner-occupiers. Chevron Island offers an incredible combination of lifestyle, connectivity and value that we believe is significantly underappreciated in the broader Gold Coast market.”

The Anembo Street proposal follows SIERA’s 113-apartment Tapestry development on Chevron Island, currently under construction and due for completion in 2026. The developer recently completed Pipis in Bilinga and is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a 54-apartment project in Northcliffe, Surfers Paradise, in the second quarter of 2026, with 40 per cent of apartments reportedly secured ahead of its formal launch.

SIERA operates as a vertically integrated builder-developer, managing acquisition, design, sales and construction in-house.

“We’re builders at heart who develop exclusively for ourselves,” Thompson said. “We don’t build for others; we refine what we do for our residents and owners. That focus allows us to control and oversee every detail, every communication, every interaction with stakeholders from neighbours to owners to council. We’re relentless in pursuing thoughtful design for practical living.”

Pricing for the Anembo Street project has not yet been released and remains subject to development approval. The application is currently under assessment by Gold Coast City Council. If approved, construction is anticipated to commence in late 2026, with completion targeted for 2028.
</article>

First look: SIERA doubles down on Chevron Island with new tower plans 

Westfield

<html><body>
The latest addition to Swarovski's 2,500 stores worldwide is its newly refurbished Westfield Knox store.
Located at Shop 2031, 425 Burwood Highway, Wantirna South, the store employs the latest from Swarovski's ‘Crystal Forest’ store concept.
Robert Buchbauer, of the Executive Board said "Swarovski looks forward to welcoming shoppers into the sparkling new Crystal Forest store from Thursday the 6th of September 2018, where from 9am where shoppers will receive 20% off when 3 or more items of full priced jewellery, watches and accessories (excluding Swarovski Remix Collection) are purchased between the 6th and the 9th of September.
The first 30 customers will also receive a special bag on opening day. 
The Swarovski Crystal Business is run by the fifth generation of family members, has a global reach with stores in around 170 countries and more than 27,000 employees.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Swarovksi relaunches their Knox City store in Knox Westfield 

<html><body>
Parramatta is rapidly boosting its credentials as the economic and social hub of Western Sydney, with another very large commercial tower likely to join its ranks.

Scentre Group, the owner-operator of $35 billion-worth of Westfields in Australia and New Zealand, has lodged a development application amendment to alter a previous approval dating back to 2014. That scheme allowed for additional retail shopping floor at Parramatta Westfield and a 120 metre commercial tower to be constructed at the corner of Church &amp; Argyle Streets.

The fresh amendment seeks to move the commercial tower component of the project 80 metres west along Argyle Street, allowing for a significant increase in its size and improved integration with its immediate environs.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image44a.jpg" rel="gallery-all" title="Westfield Tower as envisaged by Woods Bagot"><img alt="" class="image-article-full-width-580px" height="804" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image44a.jpg?itok=xX4ms39M" title="Westfield Tower as envisaged by Woods Bagot" width="580"></a>

<figcaption>Westfield Tower as envisaged by Woods Bagot</figcaption></figure>The new tower is proposed to reach 210 metres and accommodate 41 levels of premium-grade campus-style office space, offering market competitive flexible rectilinear floor plates of slightly more than 3,000 square metres per floor.

With an overall Net Lettable Area of 112,000 square metres, it will be one of the largest commercial office buildings in Australia. The tower is similar in size to Barangaroo’s International Tower 1, which is the current holder of the title.

Such is the scale of development in Parramatta that Westfield's proposal will play second fiddle to nearby <a href="https://www.parramattasquare.net.au/commercial/">6-8 Parramatta Square</a>, which will offer a still larger 125,000 square metres of premium-grade floor space upon completion in 2021.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/parramatta-square-skyline-day_-_jpw.jpg" rel="gallery-all" title="Johnson Pilton Walker's 6-8 Parramatta Square will offer comparable floor plates to Westfield Tower"><img alt="" class="image-article-full-width-580px" height="773" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/parramatta-square-skyline-day_-_jpw.jpg?itok=30-ke-Ji" title="Johnson Pilton Walker's 6-8 Parramatta Square will offer comparable floor plates to Westfield Tower" width="580"></a>

<figcaption>Johnson Pilton Walker's 6-8 Parramatta Square will offer comparable floor plates to Westfield Tower</figcaption></figure>Westfield Tower's proposed new location on Argyle Street would activate a currently neglected pocket of Parramatta's CBD, drawing in a continuous stream of office workers and visitors accessing both the commercial tower and Westfield itself. 

The tower lobby will be integrated into the streetscape, offering street-facing retail and cafe/restaurant premises, helping general activation.

Retail space will also be provided on the sixth floor of the development. Office workers and shoppers alike will  be able to utilise a ‘social garden’ which sits between the lobby and the sixth-floor retail precinct. 

The relocated tower would also disrupt fewer retail tenancies during construction. According to documents, the new location allows the structural supports for the tower to punch cleanly through a slice of the Myer multi-storey retail tenancy, with a negotiated use of their retail floors during construction, allowing Myer to continue trading uninterrupted.

Woods Bagot are responsible for the design of the premium-grade building which will target a five-star Green Star rating.
</body></html>

ModernBradfield

Parramatta bulks up with another Barangaroo-sized commercial tower proposal

<html><body>
Unibail-Rodamco has completed the acquisition of Westfield.
<div title="Page 1">
<div>
<div>
Unibail-Rodamco-Westfield combines two of the strongest and most respected names in the real estate industry to build on their legacies.
With a portfolio valued at €62 billion, of which 88 percent is in retail, seven percent in offices and six percent in convention and exhibition venues.
Unibail-Rodamco-Westfield owns and operates 102 shopping centres in 13 countries, of which 56 are flagships in the most dynamic cities in Europe and in the United States.
Its centres welcome 1.2 billion visits per year.
<div data-reactid="402">
The $32 billion takeover of Frank Lowy's retail landlord giant Westfield only ever faced mooted opposition.
<div>
Under the headline, Macquarie Capital buddies up to Unibail-Rodamco, the Australian Financial Review fleetingly noted that Macquarie Capital was the latest investment bank to pick up consultancy fees in Australia's biggest ever takeover.
After Unibail-Rodamco's $32 billion cash and scrip bid for Westfield Group, sources told the AFR's Street Talk said the Paris-headquartered Unibail "hauled in" Macquarie's bankers to help with elements of the "deal execution", helping Unibail manage its foreign currency risk. 
Macquarie was the latest in a long list of banks to secure a place on Unibail's side of the deal ticket. 
</div>
<div>
<div>Goldman Sachs and Deutsche Bank were first there, while others involved include Morgan Stanley, JPMorgan and Bank of America Merrill Lynch.</div>
<div> </div>
<div>All up advisory fees on the deal topped $US100 million. </div>
</div>
<div>
A byproduct of Macquarie's role was that its real estate research analysts, spearheaded by Rob Freeman, were placed on restriction effective mid-takeover consideration. 
Macquarie Equity's team equities research team was one of the few that initially did not hold back. 
Macquarie noted while the transaction had strategic merit, but needed financial merit.
"We do not believe the current terms are compelling enough for WFD unitholders," it fleetingly suggested before the clamp came. 
</div>
<div>But no higher offer ever emerged.</div>
<div> </div>
<div>The transaction had been unanimously recommended by Westfield's board as well as Unibail-Rodamco's management board and supervisory board</div>
<div> </div>
<div>Under the terms of the offer, Westfield shareholders will receive 0.01844 Unibail shares and $US2.67 for every Westfield security they hold. 
<div>
Unibail initial terms were handing over cash worth $US5.6 billion to Westfield securityholders, as well as 38.7 million of its own shares. 
Taking into account exchange rates and share price movements, the pocketed offer was less than the $10.01 when the deal was announced in December. 
</div>
</div>
</div>
</div>
</div>
</div>
</body></html>

Unibail-Rodamco completes the acquisition of Westfield

<html><body>
Westfield Corp shareholders have voted in favour of a $16 billion takeover by Unibail-Rodamco.
The approval was the final hurdle for the takeover.
It has already received the green signal from Unibail shareholders, boards of both companies, as well as Australia’s Foreign Investment Review Board.
</body></html>

Westfield shareholders approve Unibail-Rodamco deal

<html><body>
Louise Grimmer, University of Tasmania and Matthew Bailey, Macquarie University.
The sale of Westfield to the French property firm Unibail-Rodamco draws to a close (with a <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2017-12-12/westfield-lowy-family-sells-empire-for-32-billion/9250776" target="_blank">A$32 billion reward</a>) one of Australia’s greatest business success stories. But it also shows where Australian retail could be headed next.
Westfield has been at the heart of Australian retail innovation and development since Frank Lowy and Jeno Schwarcz (later John Saunders) formed a partnership in the mid-1950s. Both holocaust survivors, they arrived in Australia with next to nothing and built an empire.
 
The early history of the firm is covered in Jill Margo’s <a href="http://www.harpercollins.com.au/9780732269074/" target="_blank">biography</a> of Lowy and Westfield’s own <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/1980510" target="_blank">company history</a>. After operating a delicatessen in Blacktown in Sydney’s Western suburbs, the pair moved into residential and then retail property development, opening a small “American style” shopping centre in Blacktown, on July 2, 1959.
Westfield Place was one of the first shopping centres to open in Australia and was reflective of transformative changes occurring in retail at the time. Rapid growth in <a href="http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features40July+2013" target="_blank">car ownership</a>, and support for home ownership by both sides of politics brought a massive demographic shift as Australians <a href="http://splash.abc.net.au/home#!/media/153826/home-sweet-home-the-australian-dream-" target="_blank">flocked to the suburbs</a>.
This upended <a href="https://theconversation.com/history-says-department-stores-will-struggle-in-the-future-85527" target="_blank">established retail geographies</a>. City department stores had to open <a href="http://www.tandfonline.com/doi/abs/10.1080/14490854.2014.11668500" target="_blank">suburban branches</a> to survive. At the same time, Coles and Woolworths, which began as variety store chains, were moving into food retailing by buying up traditional grocery chains.
These retail firms required sites in the suburbs big enough to house modern stores. They also needed space for parking. In America, similar trends had seen the emergence of a new retail form, <a href="http://www.acrwebsite.org/search/view-conference-proceedings.aspx?Id=7196" target="_blank">the shopping centre</a>.
<h2>The rise of the shopping centre</h2>
<a href="http://www.scca.org.au/industry-information/australian-shopping-centre-industry/" target="_blank">Shopping centres</a> solved the problem of traffic congestion that was beginning to plague suburban high streets and offered a social space for people to congregate. These centres also provided a curated mix of shops that could be shaped to meet market needs, and facilitated the expansion of retail chains. Air conditioning added to their appeal.
Westfield was but one of numerous small developers seizing opportunities in a rapidly changing market. But from very early on the firm had higher ambitions.
By retaining the centres it built in an investment portfolio, Westfield obtained cash flow, security for finance, and assets that could be upgraded through expansion and redevelopment.
The other major early developers were retailers themselves. Department store firms like Myer, Grace Bros, Boans and David Jones <a href="https://theconversation.com/history-says-department-stores-will-struggle-in-the-future-85527" target="_blank">played an important role</a> in establishing large-scale shopping centres in Australia, and the supermarkets were also heavily involved in development. Over time, though, specialist developers, managers and landlords like Westfield and Lend Lease became the dominant players.
These firms proved highly adept at incorporating new retail models and entertainment formats into shopping centres: discount department stores <a href="http://onlinelibrary.wiley.com/doi/10.1111/aehr.12107/abstract" target="_blank">in the 1970s</a>; food courts and <a href="https://www.cambridge.org/core/journals/urban-history/article/shopping-for-entertainment-malls-and-multiplexes-in-sydney-australia/469F326CB6286E1A978FD4C0BA4DB40E" target="_blank">cinemas</a> in the late-1980s; <a href="https://www.sciencedirect.com/science/article/pii/S0024630197000757" target="_blank">category killers</a> in the 1990s; the recent shift to include more <a href="http://www.smh.com.au/business/retail/shopping-centres-bank-on-coffee-and-salons-amid-retail-slump-20170815-gxws0g" target="_blank">services and restaurants</a>.
Retail, though, is about access to goods. Shopping centres were an innovation in the middle of the last century that proved superior to other forms of distribution. Online retailing is proving similarly disruptive.
<h2>Where to from here for shopping centres?</h2>
The growth of online shopping means that many physical retailers as well as consumers, are no longer solely dependent on shopping centres and malls. This has resulted in the closure of many of the traditional anchor stores in large shopping centres.
Most obviously, department stores are suffering a <a href="http://www.smh.com.au/business/retail/department-stores-face-uncertain-future-as-sales-seen-shrinking-over-coming-years-20170301-gunxmh" target="_blank">prolonged and rather painful decline</a>. In response, <a href="https://www.insideretail.com.au/blog/2016/11/03/david-jones-boutique-offering-open-for-business/" target="_blank">David Jones</a> and UK retailer Debenhams are rethinking their store format strategy and opening smaller, more carefully curated boutique stores in affluent suburbs. Touted as the <a href="http://www.afr.com/business/retail/debenhams-unveils-the-future-for-australian-department-stores-20171012-gyzdgd" target="_blank">future of Australian retailing</a>, these smaller formats do not rely on being located in shopping malls.
Clearly, shopping centres cannot compete with the huge product range and convenience of online shopping. But these centres are well-positioned to appeal to consumers by offering experiences and services that cannot be replicated online.
In the future we will see much more effort devoted to <a href="https://theconversation.com/how-shopping-centres-are-changing-to-fight-online-shopping-80056" target="_blank">attracting shoppers to malls</a> through a mix of leisure and entertainment options.
Australian centres will increasingly replicate malls in the UK, USA, Asia and Latin America. In addition to the various up-scale dining options and cinema complexes that are already part of Australian centres, many international malls feature concert venues, fitness clubs and day spas, art centres, galleries and even farmers markets.
<hr>
Read more: <a href="https://theconversation.com/why-retailers-want-you-to-click-and-collect-83094" target="_blank">Why retailers want you to ‘click and collect’</a>
<hr>
Shopping centres are also trying to attract families to visit and spend more time in centres. To encourage this they are installing infrastructure and activities designed to appeal to parents and children such as the huge <a href="https://melbourne.legolanddiscoverycentre.com.au/" target="_blank">Legoland amusement park</a> housed in the Chadstone Shopping Centre in Melbourne.
Some malls are also attempting to recreate a <a href="http://www.news.com.au/finance/business/retail/shopping-centres-turn-to-village-life-as-retailers-feel-pinch/news-story/7b895c819d14bf478ab7db1b0747b607" target="_blank">village feel</a> through moving away from just shopping to using the public space in their centres, focusing on community activities such as libraries.
Although Australian centres will still continue to try and attract anchor tenants to drive foot traffic, we will see much more emphasis on new modes of retailing including <a href="https://www.commercialrealestate.com.au/news/pop-up-shops-theres-no-stopping-australias-latest-retail-boom/" target="_blank">pop up stores</a>, more small and independent stores as well as kiosks to increase the diversity of the offering and give customers more reasons to visit the mall. Westfield even <a href="http://www.westfieldpopup.com.au/" target="_blank">changed the name</a> of its casual leasing division to “pop-up department” to appeal to a new cohort of retailers and shoppers.
To address the digital disruption that is impacting on traditional retail, malls and centres will harness technology to assist shoppers during their visit. This will include <a href="https://www.insideretail.com.au/blog/2016/10/19/stockland-centres-smart-parking-system/" target="_blank">sensor technology for parking cars</a>, <a href="https://theblog.adobe.com/a-digital-shopping-experience-coming-soon-to-a-mall-near-you/" target="_blank">augmented reality for guiding shoppers</a> through centres and locating stores and <a href="https://www.cnbc.com/2017/11/23/facial-recognition-is-tracking-customers-as-they-shop-in-stores-tech-company-says">face recognition technology</a> for providing customised offers and promotions as part of the shopping mall experience.
They key to future success for shopping centres will be in offering shoppers unique services and experiences that give them a reason to get off the internet and back into the mall.
<img src="https://counter.theconversation.com/content/89073/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">There are few Australians alive with a better understanding of retail that Frank, Peter and Steven Lowy. The fact that they are moving out of physical store development to invest in <a href="https://www.onemarketnetwork.com/" target="_blank">innovative retail technology and big data</a> should be of significant interest to those pondering the future direction of retail in this country.
<a href="https://theconversation.com/profiles/louise-grimmer-212082" target="_blank">Louise Grimmer</a>, Lecturer in Marketing, <a href="http://theconversation.com/institutions/university-of-tasmania-888" target="_blank">University of Tasmania</a> and <a href="https://theconversation.com/profiles/matthew-bailey-414427" target="_blank">Matthew Bailey</a>, Lecturer, Retail History, <a href="http://theconversation.com/institutions/macquarie-university-1174" target="_blank">Macquarie University</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/westfields-history-tracks-the-rise-of-the-australian-shopping-centre-and-shows-whats-to-come-89073" target="_blank">original article</a>.
</body></html>

jrobinson-rf4aSBido9

Westfield's history tracks the rise of the Australian shopping centre and shows what's to come

<html><body>
<div>
Westfield Corporation is set to be taken over by the European shopping centre giant, Unibail-Rodamco.
A global property giant with 104 malls in 27 markets around the world will emerge after a takeover deal worth $32.7 billion.
Estates Gazette noted Rothschild’s property team, led by Alex Midgen, advised Westfield as well as Intu and Deutsche Bank’s property team, led in Europe by Rishi Bhuchar &amp; Klaus Elmendorff advised Unibail as well Hammerson.
Unibail shares traded lower in overnight European trade.
</div>
Frank Lowy, Westfield’s chairman, and his sons Steven and Peter, who are the current co-chief executives, will vote in favour of the deal, which values each Westfield security at an 18 per cent premium to the value of Westfield securities at the end of Monday’s trading session.
Peter Lowy calculated that since 1960 $1000 invested in Westfield would be worth $440 million.
The Lowy family said it intends to maintain an investment in the combined international group which is headquartered in Paris. As part of its takeover, shareholders will receive a combination of cash and shares in Unibal-Rodamco.
Frank Lowy said it was a day of mixed emotion but that he was certain it’s the right decision.... he foresaw a bright future.
Westfield chairman Sir Frank Lowy said the deal was “the culmination of the strategic journey Westfield has been on since its 2014 restructure”.
“We see this transaction as highly compelling for Westfield’s security holders and Unibail-Rodamco’s shareholders alike,” Sir Frank said.
He also suggested the family wanted to change their role to investors ... "we’ve [Frank &amp; sons] been doing it for a combined 145yrs.”
Shares in Westfield Corporation, the owner of shopping centres in the US and UK, were placed in a trading halt earlier today pending the announcement of a potentially “significant” corporate transaction.
Westfield shares had last traded on Monday at $8.55. 
Frank Lowy will retire as chairman of Westfield, but will chair an advisory board for the new merged company, while his sons Peter and Steven will retain leadership roles.
<div>
<div id="unruly-publisher-marker__inArticle">Founded in Sydney in 1953 by Frank Lowy and John Saunders, Westfield currently has interests in 35 shopping centres in the US and the UK, while its Australian centres are managed by the separately listed Scentre Group which remains independent.</div>
<div> </div>
<div>Scentre rose 17¢, or 4.1 per cent, to $4.35 while other local property trusts including its rival Vicinity Centres picked up. Vicinity rose 2.5 per cent, or 7¢, to close at $2.87 on Tuesday.</div>
<div> </div>
<div>It started in humble Blacktown.</div>
<div> </div>
<div>Last month at a film crew's behest, Frank Lowy went back to Blacktown where the delicatessen was opened in 1955, followed by the first Westfield mall in 1959.
His biographer Jill Margo, writing in the AFR, noted when he was walking down the street two older women called out "Hey Frankie!".
"They recognised me!" he said. "They'd been customers in the deli 60 years ago and had such fond memories. We reflected on those memories and the fact that they still live with the pleasure of being acquainted with me was a great thrill. What more could I want."
Margo added that Frank was always adamant that there would be no Lowy dynasty.
He and his wife, Shirley, have 11 grandchildren and, so far, four great grandchildren.
<div>"While thrilled to work with his sons, David, Peter and Steven, he never believed in trying to coax any grandchildren into the business," Margo advised, adding the older ones now work in the investment arena, the theatre, the internet, medical clinics, not for profits, and small enterprises – all unrelated to malls.</div>
<div>
And his sons collectively, had worked alongside their father for more than 90 years "and it's time," Margo concluded.
</div>
It has been suggested the red Westfield brand will prevail, at least in English speaking world. </div>
<div> </div>
<div>Unibail-Rodamco's chief executive,Christophe Cuvillier a French retail veteran, spent three years in Sydney in the 1990s as head of L'Oreal's Australian luxury products division.</div>
<div> </div>
<div>The news comes just a week after property company, Hammerson, announced it had made a bid to take over rival firm, Intu.</div>
</div>
</body></html>

jchancellor-FAypfDUnLy

Oui ....Westfield yields to Parisian takeover

<html><body>
Australian shopping center company Westfield Corp on Tuesday has entered a trading halt for its shares on the Australian Securities Exchange this morning ahead of an announcement on a potential transaction. 
The company said it was in discussions with unnamed parties for a “potentially significant corporate transaction”, without divulging further information. 
Westfield said it expects to make a related announcement on Thursday.
The early speculation is that the $17 billion company, whose major shareholders include the Lowy family, may be selling some of its non flagship centres.
Or undertaking a tilt at US mall owner GGP or looking to demerge its North American assets, or thinking of a merger of its real estate interests in France.
<div>
By early afternoon there was speculation Westfield was set to be taken over by a European shopping centre giant in a takeover deal said to be worth $32.7 billion.
</div>
Unibail-Rodamco will take over the ASX-listed company to create a global property giant with 104 malls in 27 retail markets around the world.
Unibail-Rodamco is the largest listed commercial real estate company in Europe and the second-largest globally by value.
</body></html>

Westfield enters trading halt with significant announcement due this Thursday

<html><body>
Westfield has no short-term plans to sell a chunk of its $2 billion World Trade Centre mall in New York, according to The Australian in an exclusive interview.
Featured on the front pages of the newspaper and its business section, but behind the paywall, it furthermore noted Frank Lowy has no intention of retiring as chairman of Westfield Corporation any time soon, his son Steven told Turi Condon.
<img src="/images/2016/01/20/unnamed.jpg" alt="">
Its front page has images of the pride of Westfield's work, the ceiling, named Oculus due to its whalebone-like structure.
"The Calatrava building will become one of the world's iconic pieces of architecture in one of the most sacred sites in the US, if not the world," said Steven who was at the WTC.
Westfield bought the World Trade Centre mall in July 2001, months before the September 11 terrorist attacks.
The reimagined mall, part of Westfield's $11.4 billion development program have retained some stores such as Victoria's Secret and Duane and Reade but have added a new generation of retailers.
Popular electronics company Apple will take up two levels and the food emporium Eataly will take up about 11 percent of the 112,000 sqm floor.
The first stage is due to open before the northern summer with most of the retailers to open in the second half of the year.
Following Lowy's decision to retire as the chairman of ASX-listed Scentre Group, the Westfield chairman's son however reconfirmed he will be staying on at Westfield after recovering from his operation.
"Dad is very strong physically and mentally," Steven said.
"He has continually said as long as he is strong and capable, and enjoying what he does, he will continue to do that"
Frank Lowy sustained a blood clot near his brain following a heavy fall from the podium during the A-League grand final presentation last May.
He is due to visit the World Trade Centre development in a few months.
 
 
 
</body></html>

Frank Lowy plans to stay as Westfield signals keeping its World Trade Centre Mall

<html><body>
Frank Lowy has announced he will retire as chairman of the ASX-listed Scentre Group at the company's annual general meeting in May 2016.
The Scentre board has appointed deputy chairman Brian Schwartz to succeed Lowy.
Lowy said it was the right time to announce his retirement from Scentre Group given that it had successfully completed its establishment phase following the restructuring of the Westfield Group in June 2014. 
"The transition to new leadership has been carefully planned and I have the utmost confidence that Brian Schwartz as the incoming chairman, and CEO Peter Allen, will make the most of those opportunities," he said.
“Frank has been one of the outstanding business and community leaders of the past 50 years,” Schwartz said.
Lowy said the Lowy Family Group would continue with its investment in Scentre Group.
He will continue in his role as chairman of Westfield Corporation.
Steven Lowy will continue to be a non-executive director of the Scentre Group.
</body></html>

Westfield

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Westfield

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News