This article is from the Australian Property Journal archive
NEWMARK Capital has been given the green light from the City of Monash to develop a mixed-used precinct at the struggling Brandon Park Shopping Centre, which will deliver new commercial areas and serviced apartments.
Newmark Capital acquired the 23,000 sqm shopping centre in Melbourne’s south-east four years ago for $135 million from Vicinity Centres and TelstraSuper with intentions of redevelopment, while the centre has suffered from shop closures, including the recent loss of a longstanding Kmart.
Under the approved plans, the Brandon Park Shopping Centre will be expanded to include retail and medical offerings on the ground floor, two levels of office space, and 103 serviced apartments over a combined seven floors.
There will also be a conference room and gym.
Newmark Capital had initially proposed a 10-level building but that was knocked back by the Council last year.
Newmark Capital’s head of property, Angus MacHutchison, said the introduction of new uses at Brandon Park will drive visitation to the Wheelers Hill and Mulgrave area, and the Brandon Park Shopping Centre.
“The expanded offerings will bring more activity to the site including office and visitor populations, while the served apartments will serve the broader community by providing well-located, high-quality accommodation options.
“The new mixed-use precinct will generate employment opportunities, improve visitor experience and bring vibrancy to the surrounding community.”
Newmark Capital plans to commence construction in the second half of 2023.
Led by former Hawthorn AFL player Chris Langford, Newmark Capital is also plotting the $1.5 billion redevelopment of the Jam Factory entertainment and retail precinct in South Yarra, in partnership with Gurner and Qualitas, while the in the CBD it is redeveloping the former David Jones menswear store on Bourke Street Mall.
Retail landlords have been repositioning and diversifying their assets in a bid to drive traffic in the post-COVID shopping environment. Vicinity Centres will be opening a new entertainment and dining precinct at its Chadstone megamall this summer, where it also has plans for yet more offices and added a hotel, while it has also and received approval for new apartment and office buildings at its Box Hill Central shopping centre and for a $120 million office at its Bayside shopping centre in Frankston. Scentre Group is planning a $670 million office tower above its Westfield Parramatta mall.
