Chadstone Shopping Centre is set to expand further, with owners Vicinity Centres and John Gandel flagging potential for a fourth office tower and residential apartments on the site.
Vicinity Centres is shifting its strategy to focus on mixed-use developments, off the back of Hotel Chadstone’s opening this month.
The shopping centre giant has identified luxury goods and destination shopping as its two key areas for growth, and its strategy moving forward remains on advancing mixed-use developments on high-performing centres.
Probuild, who has delivered every expansion within Chadstone since 1988, is primed to continue its partnership with the centre for the proposed expansion.
Most recently, Probuild was responsible for the construction of a 10-storey office tower with underground parking, which created space for the Hickory-built onsite hotel.
Related News: Hickory’s Hotel Chadstone Opens
The centre is Australia’s number one shopping destination, clearing over $2.2bn in sales annually, and welcoming 24 million visitors.
Vicinity Centres’ CEO Grant Kelley said the move to create more mixed-use, experiential centres in thriving outer suburbs is key to retaining custom in the age of eCommerce.
The group has also recently unveiled a master plan to expand its current holding at Box Hill Central, reconfiguring two existing retail sites, to make way for a residential development with the potential to create $2.2bn in developed real estate.
To facilitate the shift, the group has sold a number of assets including the Corio Central shopping centre in Geelong and Mt Ommaney Centre in Brisbane, freeing up almost $200m.
Stay up to date with the latest in construction industry developments by subscribing to our fortnightly newsletter.
Melbourne VIC, 3000Apply Now
Download the 2021 Construction Industry Trends, Predictions & Salary Guide Now
Over 15,000 construction professionals stay connected to industry with Conecta