The projects aren’t anticipated to start construction until 2021, and are likely to take around four years to complete.
The developments will expand the centre by a total of 43,000 sqm – with 4,300 sqm of this dedicated to traditional retail and 1450 sqm taken up by new cafes and restaurants – though wont increase the size of the precincts, instead re-purposing existing space.
Vicinity chief development officer Carolyn Viney said with Melbourne poised to overtake Sydney as Australia’s most populous city in 2026, an expanded Chadstone will be better positioned to service the growing population.
$685m Chadstone project world-class
“We know Chadstone plays a significant role within the growing Monash economic region supporting ongoing and future employment,” Viney said.
“Our destination centres, such as Chadstone, are community hubs bringing together the key elements that create the vibrant neighbourhood feel we all crave. We’re combining world class, experience-led retailing, convenient services, office space and accommodation, all enabled by robust public transport connections.”
The expansion will also create 1400 new parking spots across additional levels added to existing car parks, an increase of more than 10 per cent. This will make Chadstone’s parking offer the largest free carpark in Australia, according to Chadstone director Fiona Mackenzie.
Mackenzie said the centre’s growth has always been driven by its customers and a desire to meet their changing needs, and these projects are no different.
“Our customers and community have told us they want more dining and entertainment at Chadstone, so our plans include an extended dining precinct and additional fresh food to match their lifestyle needs,” Mackenzie said.
The projects are still subject to approval process by the City of Stonnington, and approval by Chadstone co-owners the Gandel Group.
This article first appeared on Inside Retail, a sibling website to Inside Franchise Business.