Vicinity Centres RE Ltd.

07/03/2019 | Press release | Distributed by Public on 07/02/2019 19:34

TITLE: Commencement of Construction on Australia’s Largest Air-Rights Development

Vicinity Centres (Vicinity) and Golden Age Group have announced the commencement of construction on Australia's largest air-rights development, with a $450 million three-tower luxury residential address, Sky Garden, atop The Glen in Melbourne's south east.

The Glen is currently undergoing a $430 million redevelopment with the next retail stage, which includes a new format 8,000 square metre David Jones store, outdoor dining precinct and a new lifestyle and fashion precinct with 50 specialty stores, poised to launch this August.

With construction of the retail project nearing completion, Golden Age Group has settled its purchase of the residential site from Vicinity and commenced construction of more than 500 apartments.

Vicinity's Chief Executive Officer and Managing Director Grant Kelley said: '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.

'We are proud to partner in this landmark project with Golden Age Group - it is a very significant and ambitious mixed-use project, which is now under construction with a combined value close to $1 billion.

'This residential project is in line with Vicinity's strategy to create market-leading destinations and deliver enhanced value for securityholders by realising value from mixed-use opportunities such as offices, hotels and apartments, at our flagship and high potential centres. 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,' Mr Kelley said.

Designed by Rothelowman, DKO Architecture and ASPECT Studios, Sky Garden will feature a 4,000 square metre 'garden in the sky' that will act as a community meeting place for residents.

The development boasts some impressive numbers, housing approximately 1,550 residents once complete.

Vicinity's Chief Development Officer Carolyn Viney added: 'Sky Garden and The Glen fuse living, working, dining and shopping and just 30 minutes by train from the CBD. Sky Garden offers an unparalleled lifestyle option for people who want to live in Melbourne's south east.

'There are more than 500 residences being built onsite which reflects the attractiveness of Glen Waverley as a destination where people want to live and play,' Ms Viney said.

Golden Age Group Founder and Managing Director Jeff Xu said the commencement of construction marked a new era in residential living for the suburb and demonstrated the strength of Melbourne's apartment market.

'The success of Sky Garden demonstrates buyers' continued confidence in the market, where quality projects with a focus on first-class resident and community amenities continue to attract interest from a diverse range of purchasers.

'Sky Garden's 4,000 square metre rooftop garden is comparable in size to an inner-city Botanic Garden. The gardens are multi-functional, created with purpose and tailored to all different lifestyles and needs.

'Sky Garden's unbelievable proximity to a premier retail and lifestyle destination is unlike anything else currently on the market, offering all the convenience of inner-suburb living with a community feel.

'Golden Age Group is committed to enriching the local communities in which we build so at Sky Garden we are proud to be offering the highest ratio of living space to amenity in Australia,' said Mr Xu.

The construction contract for Sky Garden has been awarded to national builder Probuild, creating up to 500 jobs over the duration of the construction period, with 400 construction workers expected on site at the peak of the construction.

The three towers will be built and completed simultaneously with settlements expected to occur from early 2021. Sky Garden will include more than 7,200 panels across its 22,000sqm glass façade and use four electric tower cranes and seven material hoists during construction.
The other Vicinity mixed-use development currently under construction is the $130 million Hotel Chadstone Melbourne, MGallery by Sofitel which is set open in November. The hotel complements Chadstone's 10-level, 17,000 sqm office building which was completed in 2016 and remains fully leased.

Vicinity sold residential air rights above The Glen to Golden Age Group in 2017 for $60 million.

SKY GARDEN KEY FACTS:

  • Developed by Golden Age Group to be completed in 2021
  • Architecture and interior design by Rothelowman and DKO Architecture
  • Landscape architecture design by ASPECT Studios
  • Bordered by Snedden Drive, O'Sullivan Road and Springvale Road
  • Three-tower multi-use development comprising more than 500 one, two and three-bedroom apartments
  • Amenities include outdoor terraces, private cinema, private dining room and terrace, yoga studio, gym, pool, a sauna, steam room, library and study areas.

THE GLEN $430 MILLION REDEVELOPMENT KEY FACTS:

  • The Glen is currently undergoing a $430 million redevelopment
  • Upon completion The Glen will feature more than 260 new retailers including international flagship stores H&M and UNIQLO, two new dining destinations - an outdoor dining precinct and the Food Gallery, a fresh food market hall and two fashion and lifestyle precincts
  • Stage one included the fresh food market hall anchored by a new Aldi, new format Woolworths and Coles plus more than 60 food and specialty retailers
  • Stage two included The Food Gallery, a contemporary dining destination featuring floor-to-ceiling windows with views towards the Dandenong's and Yarra Valley and 16 casual dining restaurants and cafes
  • Stage three included the 13,500 square metre new fashion and lifestyle precinct, with more than 80 new stores including international brands UNIQLO and H&M
  • The retail and dining redevelopment has created 1,150 construction-based jobs and will provide more than 1,200 ongoing retail and hospitality jobs
  • This $430 million redevelopment is a major milestone in the 52-year history of The Glen.

THE GLEN STAGE FOUR REDEVELOPMENT KEY FACTS:

  • Stage four of The Glen's $430 million redevelopment introduces a latest format 8,000 square metre David Jones, a new lifestyle and fashion precinct with 50 new specialty stores and a new outdoor dining precinct
  • 16,500 square metre new lifestyle and fashion precinct anchored by David Jones and 50 new specialty stores
  • Two-level 5,000 square metre outdoor dining precinct with more than 10 new restaurants.

For further information please contact:
Kat Rellos
T +61 411 245 099
E [email protected]

Ali O'Shea
T +61 427 373 857
E Ali.O'[email protected]

About Vicinity Centres (ASX:VCX)

Vicinity Centres is a leading Australian retail property group with a fully integrated asset management platform. The Glen is co-owned by Vicinity Centres and Perron Group and managed by Vicinity Centres. For more information about Vicinity Centres visit www.vicinity.com.au. For more information about The Glen go to theglen.com.au

About Golden Age

Golden Age Group was founded by Jeff Xu in 2006 and is now a nationally recognised name in the property development industry. In just a decade the company has ignited extraordinary growth, developing its capital arm and expanding its investments portfolio of hotels, restaurants, agriculture and international trade. In 2017, comprised of commercial and residential, Golden Age Group's diverse development portfolio has an estimated value of $4.2 billion.

Continuously striving to achieve greater success and push boundaries, Golden Age Group has developed Melbourne's tallest residential building in Melbourne CBD, Victoria One, the world's fourth slimmest building, Collins House, the sophisticated boutique Sydney development - Essence Double Bay, Sydney's premium The Harrington Collection located in The Rocks and Waterloo's premier project, No. 1 Lachlan, to name a few.

Golden Age Group's mantra See. Think. Act drives its commitment to quality, collaboration and forward-thinking. This, in addition to an intimate understanding of both the Australian and Asian markets, has seen the company flourish and prosper to achieve a golden future.