Image sourced: Real Estate Source
A new $800 million Southgate makeover has been proposed by ARA Australia and has been lodged with the planning minister, Richard Wynne.
The Australian arm of Singapore’s ARA Asset Management plans to build a 21-level office with sky gardens and retail spaces.
The redevelopment of Southgate will provide around 340 new construction jobs.
Plans include demolishing and making over the current shopping centre and food court as early as next year.
The development will also host a 4000 sqm of parks, gardens and public space connecting Southgate to the neighbouring Southbank community and will reflect Melbourne’s great reputation for culture and dining to tourists and locals.
Head of Asset Management at ARA Australia, Rohan Neville said that the group wants Southgate to become synonymous with celebration — a place that people love working and playing in, and want to return to time and again.
He said that “Central to the vision for the new Southgate will be creating an all-day lifestyle destination that welcomes everyone, rewards visitors with a dynamic experience and meets the needs of customers.”
ARA Australia bought the 76,000 sqm Southgate complex in 2018 for $600 million.
The complex also comprises the Herald and Weekly Times Tower and IBM building as well as a basement car park.
The site’s landlord said, “The new office tower will feature leading-edge sustainability and technology inclusions and has been designed to complement the existing…towers on the site.”
Since February, ARA Australia has grown its Melbourne portfolio by $1.1b.
The project is estimated to take almost three years to complete with the project to start after upgrades to Southbank’s promenade have been completed.
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