Kemenys signs $1 billion development deal

By Andy Young

Independent retailer Kemenys has teamed up with one of Australia’s largest private development companies, the Walker Corporation, to develop $1 billion worth of mixed-use residential developments.

The joint-venture will develop three sites owned by Kemenys across Sydney, including the iconic Kemenys food and liquor outlet in Bondi, the head office at Green Square and a “major gateway development site in Homebush”.

The three sites comprise 1.5 hectares and, in total, will deliver around 1,000 new apartments and 15,000 square metres of retail space, the companies said that "each site will be transformed in a development of high quality residential apartments above a lively marketplace". 

Managing Director of Kemenys, Gabor Kemeny, confirmed that the Kemenys name will feature alongside fresh food markets, specialty foods and groceries, cafés, restaurants and kiosks. 

“The Kemenys business will feature prominently in all of the centres, each of which will become first class food and wine destinations,” he said.

With planning proposals expected to be lodged in the next few months, construction is expected to begin in 2018 and a staged completion is expected in 2020.

The Chairman of the Walker Corporation said the locations were in demand and the joint-venture highlights what businesses and retailers can do to unlock value.

“Kemenys is a good example of how a well-established business can unlock their high value land holdings, to deliver top quality residential dwellings and retail amenity to service the growing number and needs of city dwellers,” Walker said.

“Each of these locations are in demand from people seeking a well-connected and vibrant urban lifestyle, as well as existing residents wanting to upgrade to quality apartments that are close to transport links and amenities. 

“Our proven mixed-use approach will deliver first-class apartments, serviced by high quality retail and hospitality on the ground level, that will attract prospective buyers and invigorate their neighbourhoods.

“Walker has a very strong 50-year history of transforming established sites to become thriving communities where people can work, live and socialise”, he added.

The Walker Corporation’s previous projects include King Street Wharf, The Wharf at Woolloomooloo and Rhodes Waterside in Sydney.