Chadstone $685 Million Retail Expansion
Previously the home of national retail giant JB Hi-Fi, the Chadstone shopping mall will see a $685 million expansion adding 43,000 square metres to Australia’s largest retail centre.
The plan to develop the ‘trophy centre’ of Melbourne’s eastern suburbs, retail landlord Vicinity Centres will include the addition of more levels onto two car parks, constructing a nine-storey commercial office and upgrading the fresh food precinct.
If approved, the expansion could be completed in just four years with construction hoping to begin in 2021, according to Vicinity, which will create 250 construction jobs and add about 1500 full-time workers.
Vicinity CEO Grant Kelley said the Chadstopne plans ‘will address demand from commercial tenants wanting to be based at Chadstone’.
It comes only one month after billionaire shopping magnate John Gandel, Vicinity CEO Grant Kelley and local MP Marlene Kairouz opened Chadstone’s $130 million five-star hotel run by Sofitel.
The Chadstone development would include a 24,000 square metre nine-level tower, with a 4000 square metres of co-working space above a new fresh food mall space.
A ten-week community consultation period will be run to process feedback on changes from December to February next year.
According to Ms Viney, the local community has ‘high expectations about [Chadstone’s} continued evolution’.
The plan is being positioned to better service the growing population, as well as to stave off competition from online retail, creating ‘community hubs’ to bring together ‘key elements that create a vibrant neighbourhood’.
‘We’re excited to be able to share with our neighbours and the broader community our vision and proposed plans for the future of Chadstone, further enhancing its status as one of the world’s leading integrated lifestyle destinations, with more than 24 million visitors a year,’ said Vicinity’s Chief Development Officer, Carolyn Viney.