This article is from the Australian Property Journal archive
CO-owners Vicinity Centres and Perron Group will undertake a $490 million redevelopment The Glen Shopping Centre in Melbourne’s south-east.
Overall, it will boost centre’s gross lettable area by 78,000sqm and bring its offering to 240 retail outlets and 3,650 parking spaces.
The New Glen project will comprise several stages, with the construction of the first stage beginning later this year and including a refurbishment of the existing centre, the introduction of Aldi and other international brands, and relocate Woolworths to anchor the new fresh food market with Coles.
Key elements of the further stages will include the fresh food market hall, two dining precincts, a Town Square, the latest format David Jones, new mini-majors and international brands.
The dining precincts will include a food gallery with elevated views of the Dandenong Ranges, and a casual dining hub over two levels overlooking Town Square.
The project was launched yesterday by Victorian Minister for Industry and Employment Wade Noonan, with the owners hoping to grow the centre with the burgeoning residential catchment in the area.
“Inspired by the sophisticated and diverse local community, it is time that The Glen evolves to meet the changing needs of our customers. The New Glen will elevate the customer experience to create a boutique destination where food, fashion and people come together,” Vicinity Centres CEO Angus McNaughton said.
“Reflecting what today’s customers want and a shifting preference towards more relaxed and casual dining, another attraction of the new centre will be two dining precincts,” he added.
At the announcement of Vicinity’s interim results last month, McNaughton said the recent collapse of 16 brands with a presence in its centres had provided the group with the opportunity to further remix its portfolio towards high demand categories.
“Over the past five years we have been proactively re-weighting our tenancy mix towards categories that cater to changing consumer trends,” he continued.
The group has increased its specialty area composition of cafés, food courts and restaurants by 20% and retail services by 32%, whilst women’s apparel has been reduced by 12%.
“Over the next six months, we will continue to focus on extracting additional value from our portfolio through intensive asset management, particularly from tenant remixing and cost efficiencies,” McNaughton said.
Perron Group CEO Ross Robertson said the development is all about delivering a boutique and well-crafted design, inspired by the discerning local community.
“While increasing in size, our objective is to ensure The New Glen remains intimate, accessible and convenient, with a casual sophistication,”
The project is forecast to create 1,150 jobs during construction and 1,200 ongoing retail and hospitality roles.
“The New Glen redevelopment will create thousands of jobs and boost retail trade in a growing part of our city,” Minister Noonan said. “Retail is one of the great pillars of the Victorian economy – and we’ll continue supporting its future growth to ensure we stay the shopping capital of the nation.”
Full completion is slated for early 2020.
Australian Property Journal
