This article is from the Australian Property Journal archive
VICINITY Centres has received approval to build a $120 million office tower at its Bayside shopping centre in Melbourne, furthering its ambitions to diversify its major retail assets.
The A-grade office building will rise eight levels above the Frankston centre and inject 14,000 sqm of commercial space the south east region.
It comes as Vicinity plans a new 20,000 sqm office building the at Chadstone, which it co owns with John Gandel, while it has just secured a commitment with Officeworks for the retailer to move its national headquarters to 8,000 sqm within an existing building at the megamall that will Vicinity will overhaul.
In recent years it also sold the air rights above The Glen shopping centre to Golden Age Group, paving the way for the developer to build a $450 million, three-tower apartment complex home to 1,500 residents that was completed last summer.
In Frankston, Vicinity is looking to attract the region’s 400,000 workers to what will be known as 12 Balmoral Walk. The project will enable 210 jobs and more than $50 million of value add to the Victorian economy during construction, and bring more than 1,400 local jobs to the Frankston CBD on completion.
“The ‘work near home’ model is gaining momentum as people long for the connection missing while working from home but without the commute time,” Vicinity’s chief development officer, Carolyn Viney, said.
“12 Balmoral Walk is perfectly located to provide the ‘work near home’ model for employers and employees looking for the best in work-life balance.”
Construction will commence immediately on a suitable leasing pre-commitment being secured.
Designed by Lyons Architecture, the building will feature large campus-style floor plates with ground floor retail and hospitality, complemented by an external terrace space with bay views.
Bayside attracts more than nine million visitors each year and is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and Hoyts Cinemas, and includes more than 160 specialty stores and a vibrant food and entertainment precinct.
Frankston was nominated as a Metropolitan Activity Centre in the Victorian Government’s Plan Melbourne 2017 – 2050.
Elsewhere in Melbourne, Vicinity is redeveloping its Box Hill Central asset into a mixed-use precinct, and has signed up co-working office space operatore Hub Australia for a 4,100 sqm venue over four levels.
