This article is from the Australian Property Journal archive
THE City of Stonnington has approved Newmark Capital, Gurner and Qualitas’s $1.5 billion Jam Factory redevelopment.
Designed by Bates Smart, the five-tower redevelopment will deliver 18,500sqm of new retail space, 20,000sqm of commercial office and 400 residences across four towers, a five-star hotel comprising 180-200 rooms, 1,195 car parking spaces, a cinema upgrade and a new public realm.
Newmark Capital will deliver and retain ownership of the commercial and retail component, while Gurner and Qualitas will deliver the luxury residential and hotel component.
Lead architects Bates Smart will be joined by Townshend Landscape Architects and Leonard Design Architects, to create a bold and innovative mixed-use precinct.
When complete, the redevelopment is expected to support 2,282 jobs on a full-time equivalent basis, with an estimated 1,286 indirect jobs created as a knock-on effect. Works on the redevelopment are expected to commence when all relevant approvals are secured.
Newmark Capital managing director Chris Langford said the redevelopment celebrates the Jam Factory’s heritage, unlocking the potential of an iconic site.
“It’s been rewarding working with Council and the local community to ensure the project proceeds to the benefit of all. The new Jam Factory will be a signature, vibrant destination for Melbourne.”
Gurner CEO Tim Gurner added, “We’ve been working closely with the project team, as well as council, to deliver something truly world-class – the redevelopment will put Chapel Street back on the map, not only as a retail hub, but as a luxury travel and lifestyle destination as well.”
Qualitas global head of real estate and cofounder Mark Fischer said the overwhelming support for the project speaks to the blue-chip nature of the location, the world class vision of the project team and the combined power of the joint venture.
“Our fund investment strategy places an unrelenting focus on quality of our partners and quality of real estate, which gives us confidence this vision will soon become a reality.” Fischer said.
