Kris Spann, president of the Glebe Chamber of Commerce, also won the NSW Business Chamber Young Entrepreneur of the Year award. Source: supplied.

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By CHRISTOPHER HARRIS

Broadway Shopping Centre in Ultimo has been given the green light for a $55 million development that will reduce car parking and provide 31 specialty stores.

City of Sydney Council approved the upgrade, which will begin this month, and it is estimated to conclude in Spring 2016.

Broadway, owned by property company Mirvac, has the highest turn over per square metre of all shopping centres in Australia.

President of the Glebe Chamber of Commerce Kris Spann said the expansion of the shopping centre was positive for businesses on Glebe Point Road because of the complimentary relationship they had with the centre.

“As a high street, we have a different offering to a shopping centre. We should not be threatened by this development, because we can give people more exposure to the Glebe street experience,” Mr Spann said.

He said it was beneficial to be involved with the well-established company.

“I believe in the power of experience, and there is a certain clientele which will attract more people into the area.”

He said the nature of the suburb had changed to adapt to contemporary times and is optimistic about the commercial future of the suburb because of its diversity.

“It is a very big cultural shift to new thinkers building on established principles and we’ve got a very different offering to Newtown or Surry Hills.”

Mirvac is also a member of the Glebe Chamber of Commerce and is a sponsor of the Glebe Street Fair.

Senior development manager at the company Christina Nelson said that Broadway was upgrading its range of shops and eateries.

“Following the very successful introduction of Apple Store in mid-2012 and ALDI last year, we are now finalising plans to introduce more exciting retailers to the centre and to deliver a comprehensive dining offer and premier customer amenities,” she said