Westfield won't be following David Jones residential redevelopment lead
Westfield will not be following the lead of David Jones, having ruled out building any residential projects above its many Australian retail malls.
Westfield director Domenic Panaccio says the company is committed to having retail malls and at most having office additions in some, but says there will be no foray into residential redevelopment of their retail portfolio.
Panaccio’s comments come as David Jones chief Paul Zahra said his company was considering commercial and residential developments above its stores.
“That could be a good option for David Jones," Panaccio told Fairfax Media.
"They’re looking for opportunities. It would bring people to the city and could create further growth if the residential demand was there,” Panaccio said.
David Jones have been undertaking valuations and investigating the potential for redevelopment of its stores after posting a 40% slump in profits.
It's been touted that David Jones could add an extra 20 levels above its Market Street store in Sydney as well as options at its two Bourke Street stores in Melbourne and its Elizabeth Street store in Sydney.
Westfield has been busy redeveloping some of its malls with Melbourne’s Fountain Gate re-opening yesterday.
The $340 million redevelopment has turned the mall into Australia's second largest at 174,000 square metres.
