This article is from the Australian Property Journal archive
STEADFAST Capital’s Wingate-backed redevelopment of the Walk Arcade on Melbourne’s Bourke Street is now underway.
With leading investment house Wingate providing Steadfast Capital with a 41-month senior debt facility of $200 million to fund redevelopment’s construction, the renamed Melbourne Walk is moving forward, with Hickory Building Group appointed to deliver the project.
“It’s been a tough time for the industry, we pride ourselves on being nimble with our partners, after considerable delays and working together we are pleased our client can finally get this off the ground,” said Mark Harrison, managing director of property at Wingate.
The 1980s-built Walk Arcade has already been demolished to make way for the new development. Leaving only the site’s 100-year-old Public Benefit Bootery heritage façade, which will be restored and protected, becoming one of Melbourne’s tallest façade retentions.
The ten-storey will comprise around 6,000sqm of prime retail space with high exposure frontage to the CBD’s main strip the Bourke Street Mall and to Little Collins Street at the rear.
“A comprehensive offering of retail and hospitality options will set to draw patronage into the Bourke Street Mall precinct. We are happy to realise this vision with our capital partner, Wingate,” said Teck-Lay Tay, executive director of Steadfast Capital.
“With Melbourne’s pedigree as leader in Australia’s shopping scene, Melbourne Walk’s rejuvenation will further enhance the strength of the retail arcade and laneway network in the retail core of the CBD.”
This in addition to a hotel tower which will include 450-rooms to be operated by InterContinental Hotels Group under both its Hotel Indigo and Holiday Inn brands.
The project will target a 5 Star Green Star Rating from the Green Building Council of Australia. Integrating initiatives such a 40kw solar array, heat island effect mitigation strategies, the use of recycled steel and reductions in concrete and a 450sqm native plant courtyard garden.
The delivery team for the project includes Buchan Architects, Codicote Project Managers, Shorea Capital as development advisor and asset manager and Colliers International as leasing agents.
“Melbourne Walk’s redevelopment will provide a quintessential immersive Melbourne experience, a must-see destination for shoppers and tourists alike,” said Eugene Teo, CEO of Shorea Capital.
“Through Melbourne Walk, we aspire to connect people to the vibrant Melburnian atmosphere whilst embracing and celebrating the local street art culture.”
