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Tag: city centre

  • $500 million entertainment centre touted for Sydney’s CBD – Medical Marijuana Program Connection

    $500 million entertainment centre touted for Sydney’s CBD – Medical Marijuana Program Connection

    The Sydney CBD desperately needs a new indoor entertainment arena and the NSW Government has been urged to conduct a feasibility study to identify public land where it can be built.

    Developers believe up to $500 million of private capital could be invested at no cost to the taxpayer if public land were released with the covered stadium returning to public control once a long lease had expired.

    Plans are already being drawn up for a 10,000 seat indoor stadium at the Entertainment Quarter but are reliant on the current 23-year lease being extended to make the investment worthwhile.

    Tony Shepherd, chairman of the Entertainment Quarter, said discussions with the NSW government were ongoing to extend the lease and clear the way for $2 billion of investment in the old Easter Show site.

    “Part of that development includes a new multipurpose, fully enclosed arena which we think is something Sydney really needs close to the city centre,” he said.

    The $500 million arena would be able to accommodate professional basketball matches, boxing contests and mid-sized concert performances.

    Sydney only has Qudos Bank Arena at Homebush and nothing to rival Melbourne Arena and Rod Laver Arena in the centre of Melbourne. Potential sites for a new arena include the Bays Precinct and land seized from the Moore Park golf course.

    Tom Forrest, chief executive of the Urban Taskforce, said private investors could be encouraged to build an arena on government land and called for the NSW Government to…

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  • Myer threatens to pull out of Adelaide CBD just days after Brisbane closure announcement – Medical Marijuana Program Connection

    Myer threatens to pull out of Adelaide CBD just days after Brisbane closure announcement – Medical Marijuana Program Connection

    Little more than a week after Myer announced it was leaving Brisbane’s CBD, the department store chain has now said it could ditch another city centre location.

    Myer has dramatically threatened to close its Adelaide store within the Myer Centre on the busy Rundle Mall.

    The Melbourne based company has claimed the CBD shopping centre which bears its name is “substantially empty” of other stores surrounding Myer and as such its lease has been breached.

    The revelation didn’t come from Myer itself but from the shopping centre’s landlord. It has responded saying Myer’s claims are “ill founded” and it will challenge them.

    The Myer Centre Adelaide opened in 1991 and has featured its namesake anchor retailer ever since. It’s reported more than 200,000 people – one fifth of Adelaide’s then population – visited the centre on opening day. It once featured a theme park called Dazzleland with a roller coaster that looped around the top floors.

    It’s now a different story for the ageing centre.

    While major retailers like Uniqlo inhabit the floors near street level, the upper levels have seen empty storefronts.

    “Myer alleges that there has been a breach of the lease (which currently runs until June 2032), claims unspecified damages and seeks a declaration that Myer is entitled to terminate the lease,” the landlords, Singaporean firm YTL Starhill Global REIT Management, said in a statement.

    “Myer alleges that the landlord has breached, and is continuing to…

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