Chadstone earmarked for $500m expansion
One of Australia's premier retail precincts - Chadstone shopping centre - is set to undergo a ...
One of Australia's premier retail precincts - Chadstone shopping centre - is set to undergo a $500 million refurbishment, the Victorian government announced on Saturday (November 10).
State planning minister Matthew Guy said the expansion project would ensure the centre maintains its reputation as the country's premier fashion destination, attracting millions of shoppers each year.
Commercial property investors may be interested in the development, which will include the improvement of retail and entertainment space, as well the construction of new multi-level office accommodation.
Located just 12 km south-east of Melbourne's city centre, Chadstone shopping centre boasts 530 shops including a number of high-end stores such as Chanel, Armani, Gucci Jimmy Choo, Prada and Louis Vuitton.
Spreading over more than 156,085 sq m of retail space, and attracting close to 20 million visitors every year, the upgraded centre will boast a number of investment opportunities in commercial and retail property.
"The Victorian Coalition government is committed to a thriving, competitive retail sector and this investment is a show of confidence in the Victorian economy," Mr Guy explained.
The project will also comprise upgrades to the surrounding infrastructure to ensure it supports the expanding centre and anticipated traffic flow increase.