This article is from the Australian Property Journal archive
GPT Group has unveiled plans to give its Melbourne Central retail complex a $30 million.
GPT gave Melbourne Central a major makeover in 2005 following the departure of key tenant, Japanese department store Daimaru.
This latest redevelopment will see the introduction of a unique food precinct offering as well as more retail space. With construction works beginning in September 2010, the project is set to conclude in mid 2011 and will deliver a cash yield of at least 8%.
“We are delighted to move forward with our $30 million development of Melbourne Central, which represents stage one of the Centre’s $75 million pipeline proposal. This development will ensure that Melbourne Central preserves its role as the district at the heart of Melbourne’s CBD,” CEO Michael Cameron.
The development will also deliver an improved entry to Melbourne Central at Latrobe and Swanston streets and a new entry directly from Elizabeth Street.
Cameron said masterplanning has ensured that the development will only affect isolated sections of the centre.
Melbourne Central is a prized asset for GPT, it comprises 300 stores, a 51-level premium office tower and Melbourne’s second busiest railway station. The centre is directly linked to Myer and is close to David Jones and the Bourke Street Mall retail zone.
Australian Property Journal
