Construction will soon commence on Australia's largest ever air-rights development. The $450m luxury residential development, Sky Garden, will sit atop the The Glen shopping centre in Glen Waverley.
The development is a collaboration between real estate investment trust company, Vicinity Centres, and Melbourne-based developer Golden Age Group.
Vicinity Centres sold the air rights above The Glen shopping centre to Golden Age Group in 2016 for $60 million. The resulting mixed-use development is expected to have a total value approaching $1 billion.
Grant Kelly, CEO and managing director of Vicinity Centres, described the project as a one-of-a-kind development.
“The Glen’s residential project, Sky Garden, marks a new era as this is Vicinity’s first residential mixed-use project and Australia’s biggest residential project being built over a retail destination,” said Grant Kelley, Vicinity CEO and managing director.
Australian builder Probuild will also be involved in the construction of Sky Garden, which will include 500 apartments.
The development is expected to create 500 jobs throughout project delivery. When at peak construction, locals can expect to see up to 400 construction workers on the site.
Sky Garden’s three towers will be built concurrently and will be ready for use by early 2021. The glass facade will be made from 7,200 panels and span 22,000m2, requiring four electric tower cranes and seven material hoists to build.
“Our strategy takes advantage of our shopping centres’ great locations around Australia as more and more people seek to live in areas which satisfy a range of diverse lifestyle needs.”
The Glen is presently concluding a recent redevelopment, with its latest retail stage to launch on August 1. The precinct boasts 260 new retailers, including a David Jones store of 8000sqm. Other new retailers include international giants H&M and UNIQLO, plus 50 boutique stores.
The redevelopment also has an undercover food market for fresh produce and an outdoor dining area.
In addition to Sky Garden, Vicinity is currently building its $130 million Hotel Chadstone. The hotel is a counterpart to Chadstone’s 10-level, 17,000 sqm office building, which has been fully leased since it opened in 2016. Hotel Chadstone is due for completion November 2019.
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