With a history dating back almost 50 years, Westfield Liverpool has long served as the regions retail hub. Since its construction in 1971, the shopping precinct has undergone a wealth of redevelopment, to the extent that it now covers over 85,000m² of space – a large footprint that looks set to rise.
At the start of February 2019, Scentre Group submitted plans for the comprehensive redevelopment of the Westfield Liverpool site. Set to be the largest reconstruction in the centre’s history, the new design will feature an eight-storey commercial tower, a new entrance, an upgraded cinema, a new dining and entertainment precinct and improved parking facilities.
The $93 million redevelopment looks to add 16,500m² of additional space – 5,500m² will be devoted to retail, while 11,000m² will be set aside for commercial interests. The proposal was submitted for public approval in February 2019 and provided it faces no major opposition, construction could start as early as this time next year.
Powered by Liverpool’s growth
The planned Westfield Liverpool redevelopment is yet another sign of the region’s upward trajectory, demonstrating a clear response to Liverpool’s recent growth and preparation for the future wave of infrastructure upgrades in the area.
Western Sydney is currently experiencing one of the strongest economic booms any area of Sydney has ever seen – between the announcements of the construction of the Liverpool Health and Academic Precinct, the nearby Western Sydney Airport and Aerotropolis, the Moorebank Intermodal freighting hub and the local council’s development of Liverpool into the city’s third CBD, including much needed improvements to local roads and rail links, Liverpool is set to explode both economically and in terms of population over the coming years.
The Westfield Liverpool redevelopment is an effort to pre-empt the needs of this future population boom, by offering a shopping destination designed to handle the soon-to-be large crowds.
Westfield Liverpool by the numbers
While the Scentre Group’s submission doesn’t go into detail about the potential economic impacts of the redevelopment, observing current numbers can suggest a positive outcome. In 2017, Scentre Group reported that the trade area population of Westfield Liverpool was 614,000, which, as per local government projections, will increase by 40% by the year 2031. Customer visits totalled 14.9 million in the same year, and annual retail sales tallied up to $515 million. These numbers too can be expected to grow at the same rate, or even outpace the growth of the local population, as a new shopping precinct with upgraded amenities proves significantly more attractive than an underdeveloped one.
With the post-redevelopment floorspace totalling more than 100,000m², Westfield Liverpool is set to be transformed from Australia’s 40th largest shopping centre to almost 25th, helping the retail hub to maintain pace with the needs, and desires, of a growing population. The development will also provide a wealth of extra service jobs, particularly as the cinema, dining, entertainment and parking elements are expanded and updated, attracting new residents to the area.
A rare property investment opportunity
The proposed Westfield Liverpool redevelopment demonstrates why, more than ever, there’s never been a better time to invest in the Liverpool area. Those that do so early can expect to enjoy high rental yields, low vacancy rates and market-leading levels of capital growth.
And all going well, they will also be enjoying a fresh and exciting shopping destination, right in the heart of Sydney’s future third CBD.
Those living and investing in Liverpool have seen this boom coming and are preparing accordingly. Local and state governments were the first to act, signing off the infrastructure projects that will fuel the boom. Private organisations like the Scentre Group have been next, laying plans that will allow their Liverpool projects to keep pace with expected growth.
However, now might be time for the more financially savvy private citizens to take full advantage of what the government is heralding an unprecedented investment in the area.
The expected growth of Liverpool will undoubtedly drive increased demand for property. And as the rules of economics dictate, low supply and high demand mean increases in price and therefore capital growth for those who bought early.