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HomeLatest NewsStockland Balgowlah has sold for $155 million to Revelop: what's next?

Stockland Balgowlah has sold for $155 million to Revelop: what’s next?

Earlier this month, Stockland Balgowlah Shopping Centre was purchased for $155 million by REVELOP – an independent, private-owned property development firm founded by cousins Anthony El-Hazouri and Charbel Hazzouri.

Since the announcement, locals have been concerned that the new owners plan to redevelop the site and reduce operational costs. But there is no cause for alarm, reassures new co-owner Charbel Hazzouri, who says the centre will remain a village shopping hub.

Mr Hazzouri spoke to Manly Observer last week, he said they had no intention ( or option) to turn the place into residential units (there are currently 240 apartments above the main shopping centre), and they simply want to improve on what’s already there.

Balgowlah Shopping Centre. Image supplied.
Balgowlah Shopping Centre. Image supplied.

“This is a great community shopping centre and there will be no redevelopment of the site, such as turning it into residential units,” Charbel Hazzouri said.

“We want to improve on what is already there. Make some changes to the interior and add in more food options.”

“We want to improve on what is already there. Make some changes to the interior and add in more food options.”

He said that customers want more fresh food options, similar to the popular Vietnamese takeaway shop, Roll’d.

Balgowlah Shopping Centre includes Coles and Harbord Growers Market, over seventy speciality shops and a Fitness First Platinum. According to Revelop, the centre attracts over 3.5 million customers annually.

A model of the Totem Shopping Centre in August. item is courtesy of Northern Beaches Council Library Local Studies.

The retail space is nothing new for Revelop who own 25 shopping centres across NSW, VIC and SA among their extensive commercial, residential and retail real estate sectors.

One of them is Forestway Shopping Centre which Revelop bought in 2021 and is currently renovating and expanding with new tenants to be announced soon.

REVELOP are looking to add more fast, fresh food options to Balgowlah Shopping Centre. Image supplied.
Revelop are looking to add more fast, fresh food options to Balgowlah Shopping Centre. Image supplied.

Charbel added that they welcome feedback from customers on what else is needed at Balgowlah Shopping Centre.

“We will also be looking to the community on what new name to give the centre,” he said.

When Manly Observer announced the sale on social media last week, there was a strong call to bring back The Totem, which was the name of the centre before Stockland bought it in 2002, and still the name used by many long-time customers.  Stockland demolished the bowling alley and developed apartments on the site.

The Totem Shopping Centre was one of the first in its kind in Australia when it opened in 1961.

 

 

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