Wednesday, July 26, 2006

Westfield - the love of money or a view of the sea?

The love of money or a view of the sea?

Not satisfied with the huge profits they are already making, Westfield want to build a bridge over Yarra Street, Geelong, blocking out our view of the sea, so that they can build more and more shops and make even huger profits!

Tomorrow evening there is a protest at 6.30 p.m. when the Victorian Premier visits Geelong. Not that he is not a nice bloke, but the final say may rest with people outside Geelong.

How much money does Westfield make?

quoted from their website:
The Westfield Group has interests in an investment portfolio of 120 shopping centres valued in excess of A$52.1 billion (US$38.2 billion) located in Australia, the United States, New Zealand and the United Kingdom. These shopping centre portfolios have strong positions in their local markets with geographic, retail and economic diversity providing a strong and consistent income stream. The centres are located in prime trade areas, anchored by long term tenancies with major retailers and incorporate a wide cross section of high quality specialty retailers and national chain store operators.

Westfield Shopping Centre Portfolio1
Australia United States New Zealand United Kingdom Total
No. of centres 43 59 11 7 120
Total gross leasable area million sqm (million sqft) 3.4
(36.6) 6.0
(64.6) 0.3
(3.2) 0.3
(3.2) 10.0
Retail Outlets 10,900 8,700 1,400 800 21,800
Asset Values
(billion)2 A$20.4 US$16.3 NZ$2.2 £3.0 A$52.1


Blogger Peceli and Wendy's Blog said...

from Age Jan 2006
Local MP and deputy speaker in the Legislative Assembly, Peter Loney, is scathing about "Geelong's version of the House of Lords".

"It's full of those who have money and are born to rule. They don't want to bother with the election process, but they do want to rule."

Local solicitor and former Victorian National Trust chairman Randall Bell points to what he says is a conflict whereby the committee - which includes the council - pushes controversial projects that the council is considering.

Late last year the council voted in a clear majority to support a Westfield shopping complex that includes a large bridge over Yarra Street in the heart of the city. The bridge, to house restaurants and a car park, would obscure views to Corio Bay and heritage-listed St Mary's Basilica.

Bell, who was Costa's co-chairman on the St Mary's restoration fund, is furious about what he says is an assault on the wide streets and vistas to the sea so crucial to the original city planning by Geelong's forefathers.

"In their haste to cash on a bit of developer interest, this council is sacrificing the very things that makes this town so great."

8:26 PM  
Blogger Peceli and Wendy's Blog said...

from w
I am still disturbed by the gross invasion of our view of the sea in Yarra Street. Over-development seems to be in vogue. Hey, are our pockets so full of money to buy stuff in the new shops? Enough is enough. Meanwhile there are no supermarkets in the city for six months which is poor service for oldies who just go to town to pay bills and want to buy some frozen peas or something on the way home. Grrrrr.

8:39 PM  

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