Tag: Vicinity Centres

Chatswood Luxury Apartments Planned At Retail Precinct

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Vicinity Centres has outlined plans for 480 luxury apartments in Chatswood as part of a broader expansion into residential development alongside its retail assets.

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Chatswood Chase Residential Project

The apartments are proposed next to Chatswood Chase, which is being redeveloped into a combined retail and residential destination.

Vicinity said it is in the later stages of designing the Chatswood Chase residential component. The first stage of the redevelopment opened last October, and the new luxury precinct is on track to open this year.

The Chatswood luxury apartments project forms part of a wider strategy that includes residential proposals attached to existing retail centres.

Chatswood Chase redevelopment
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Bankstown Proposal Also Flagged

In addition to Chatswood, more than 1,500 apartments are planned at Bankstown Central. The Bankstown project is at an earlier stage of development than the Chatswood proposal.

The residential plans were announced alongside the company’s first-half financial results.

Financial Performance And Portfolio Activity

Vicinity Centres reported first-half profit of $805.6 million, up from $492.6 million in the first half of 2025, reflecting increased net income from its malls.

Funds From Operations rose 1.3 per cent to 7.66 cents per security and were up 4.1 per cent after adjusting for one-off costs.

Specialty and mini-major sales increased 5.1 per cent during the half, with leasing spreads recorded at 4.6 per cent and average annual escalators at 4.7 per cent.

Chatswood luxury apartments
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The group also confirmed plans for a redevelopment at Uptown in Brisbane, with a revamp valued at up to $350 million focused on retail, dining and entertainment. A series of smaller centres were sold during the period.

Vicinity expects FFO per security and Adjusted FFO per security to be around the top end of guidance ranges of 15 to 15.2 cents and 12.8 to 13 cents respectively. Shares were flat at $2.57 in early afternoon trade.

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The Chatswood luxury apartments proposal represents a shift toward mixed-use development tied to established retail precincts.

Published 23-Feb-2026

$300 Million Redevelopment Completed At Chatswood Chase

Photo Credit: Vicinity Centres

The $300 million redevelopment of Chatswood Chase in Chatswood has been completed, delivering expanded retail space, upgraded access and targeted sustainability outcomes.

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Background And Context In Chatswood

Multiplex has finished Vicinity Centres’ $300 million redevelopment at 345 Victoria Avenue and 5 Havilah Street, Chatswood, in October 2025. The project adds 20,000 square metres, taking the centre to 84,000 square metres across five levels. The centre, first delivered by Multiplex in the early 1980s, has been modernised with a design by Make and Webber.

Chatswood Chase
Photo Credit: Vicinity Centres

What Changed: Design, Access And Sustainability

The redevelopment introduces more than 100 new retail tenancies and the Chase Market food hall on the Lower Ground floor. Upgrades include new skylit atria and voids, 13 lifts and 26 escalators, and enhanced entries on Victoria Avenue, Archer Street and Havilah Street, with a mirror-clad awning on Victoria Avenue. The project targets a 4 Star Green Star Design & As-Built rating and a 4.5 Star NABERS rating.

Chatswood Chase redevelopment
Photo Credit: Vicinity Centres

Delivery In A Live Trading Environment

Construction ran for about 19 months with an average of 350–400 workers and a peak of 900 during shopfitting. Works proceeded while retailers including Coles, Kmart and David Jones traded. Approximately 1,000 tonnes of structural steel, four kilometres of carbon fibre and 15,000 square metres of tiling were used. Logistics software and staged loading dock deliveries balanced construction and retail operations. Temporary catch decks and roof areas supported work on voids while keeping lower levels dry. More than 500 truncations were made to the post-tensioned slab, with plant and services relocated without interruption.

Vicinity Centres
Photo Credit: Vicinity Centres

Operational upgrades include a 1,000-litre stormwater tank, a syphonic drainage system and automatic flood barriers.

Retail Rollout And Next Steps

Vicinity Centres reopened redeveloped areas on 23 October 2025, following the November 2024 relaunch of food and hospitality on Lower Ground. More than 60 new and returning retailers opened, with anchor brands including Apple, David Jones, MECCA, Country Road, R.M. Williams and Sephora.

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The next phase is anticipated for completion in April 2026, with Level 1 flagged for an early 2026 luxury rollout. Vicinity separately frames the broader transformation as a $625 million program, distinct from the $300 million builder-delivered redevelopment.

Published 3-Nov-2025