Melbourne's The Glen mall to get a $500m makeover

The Glen shopping centre, in Melbourne's south-east, will get a $500 million transformation, resulting in new apartments, more stores and expanded dining areas.

The co-owners, Federation Centres and the Perron Group, have lodged development plans that include three residential towers, 200 more specialty shops and "signature" restaurants.

Federation Centres executive general manager of development and asset strategy Jonathan Timms said the Mandurah Forum shopping centre in Western Australia would also be upgraded. The two projects were worth a combined $800 million and Federation Centres was contributing about $300 million.

In Glen Waverley, Melbourne, The Glen will expand by 17,000 square metres to create a gross lettable area of 76,000 square metres.

"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," Mr Timms said.

The proposed development included three residential towers with more than 500 residences. 

Retail analysts say mall developments are a reflection of the changing focus and uses of a traditional shopping centre, which are now seen as "integrated villages". That  is a move back to the past, where these areas were considered the town centre and communal meeting hubs.

"A number of regional shopping centre expansions recently opened include Macquarie Centre in Sydney and Westfield Garden City in Brisbane and GPT's Wollongong Central."

These also include residential towers, such as Mirvac plans at Birkenhead Point in Sydney.

Construction has also started on a number of expansions, including Chadstone Shopping Centre and Eastlands in Melbourne, and Pacific Fair and Australia Fair on the Gold Coast. 

CBRE's Retail MarketView said regional centre rents grew by 1.1 per cent nationally during 2014, with a highlight being the 5.5 per cent growth recorded in Victoria.

The above is an extract from: http://www.smh.com.au/business/property/melbournes-the-glen-mall-to-get-a-500m-makeover-20150128-1301yd.html

4C Realty

Caroline He