Application lodged for $500m retail and residential expansion of The Glen Shopping Centre in Melbourne’s south-east
The Glen Shopping Centre in the south-east Melbourne suburb of Glen Waverley is set to receive a $500 million upgrade, after joint owners Federation Centres and Perron Group lodged a planning permit application with the City of Monash to expand the centre by 17,000 square metres.
In addition to increasing the gross lettable area of the shopping centre to a total of 76,000 square metres, the planning permit application also proposes the development of three residential towers with more than 500 apartments.
In a statement last week, Federation Centres Executive General Manager of Development and Asset Strategy, Jonathan Timms, said the proposal will completely transformation The Glen’s retail offer “to serve one of the most desirable consumer demographics in the country.”
According to Mr Timms, the expansion will include new-to-market international retailers, the latest national brands, a revitalised major tenant offer and more than 200 speciality stores.
The redevelopment of The Glen is estimated to create more than 2,600 new jobs from the commencement of construction through to opening.
Also last week, Federation Centres and ISPT submitted a development application to City of Mandurah, located south of Perth, to extensively redevelop the Mandurah Forum shopping centre. The redevelopment will add 20,000 square metres of space to accommodate more than 150 new stores.
“These two significant redevelopment applications demonstrate continued progress to deliver the Federation Centres’ redevelopment pipeline,” Mr Timms said.
“As well as these new redevelopment applications, Federation Centres’ $113 million redevelopment of Cranbourne Park will open in March 2015 and three additional redevelopments are commencing in early 2015, which have a combined value of $190 million.”
Source: News Release, The Urban Developer, 3rd February, 2015