The Glen Shopping Centre to get a $500m transformation
The Glen Shopping Centre, located in the south-east of Melbourne is getting a $500 million transformation, allowing it to become Federation Centres’ flagship centre in Victoria. Not only will it include a great variety of boutique retail and dining options, but the centre will also include stunning new apartments.
But it’s not just the Glen that is getting a dazzling transformation. Many other Federation Centres shopping malls throughout Australia are also adopting a mixed-use space, including the Mandurah Forum shopping centre in Western Australia, worth $800 million.
Federation Centres and the Perron Group, the developers chosen for this redevelopment, plan to include three residential towers to hold over 500 residences, as well as “signature” restaurants along with an extra 200 speciality retail spaces. This in turn will create an added 2,600 jobs and will expand the mall by 17,000 square metres; thereby creating a gross lettable area of 76,000 square metres.
Mr Timms, the Federation Centres Executive General Manager of Development and Asset Strategy announced,
“We are completely transforming The Glen’s retail offer, to serve one of the most desirable consumer demographics in the country with new-to-market international retailers, the latest national brands, a revitalised major tenant offer and more than 200 speciality stores”.
Other redevelopments commencing during 2015 include Cranbourne Park, due to open in March 2015 and worth $113 million.
Retail analysts believe that the future of shopping centres will be “integrated villages”, and will be seen as the heart of the town and a communal meeting hub.
According to Federation Centres, The Glen is the largest retail centre in the city of Monash and used by 165,000 residents. It also attracts an older demographic, with 30 to 60 year olds making up the largest age group.
Michael Bate, Head of Retail for Colliers International stated that regional shopping centres larger than 20,000 square metres are continuing to adapt through increased food and beverage and by introducing international retailers. Super regional centres in particular were also getting stronger as destinations.
Construction is set to begin in 2016, subject to approvals.
Published on 2nd of February 2015 by Marty Stanowich