The expansion will include the creation of Australia`s largest free parking lot. (picture of Sydney Herald Morning Herald)
Known as the largest shopping mall in the southern hemisphere, Melbourne Chadstone Shopping Center (Chadstone Shopping Center) will be expanded again.
Australian retail real estate giant Vicinity Centres will invest another 685 million yuan to develop a prestigious business hub in the eastern part of Melbourne, the Sydney Morning Herald reported. The project includes two parking lots, a 9-story commercial office building and a standard upgraded fresh food area.
The works will include the expansion of the largest shopping mall in the southern hemisphere, the Chester Mall, and more food and leisure facilities.
The construction requires local parliament approval, as well as the support of billionaire John Gandel (John Gandel), half of the center`s owner.
"if approved, work is expected to begin in 2021 and be completed within four years," developer Vicinity said.
The flagship business center is the best source of revenue, generating 17 per cent of Vicinity`s revenue.
Vicinity Chief Development Officer Carolyn Viney said the new development will create 250 construction jobs and add about 1500 full-time workers to the center.
The overcrowded parking lot of Chadstone Shopping Center will be significantly renovated, with 1400 new parking spaces. It will be the largest free parking lot in Australia.
To cope with online shopping`s threat and maintain relevance to shopping malls, merchants across the country have been undergoing major revamping. For example, increase cinemas, apartments, hotels and extra shopping space. To create a "town center", increase passenger flow, increase turnover and valuation.
Vicinity said the study showed that there were more than 75000 corporate employees in the area around Chadstone, indicating that there is enough demand for a second business office in the region.
If approved, Vicinity hopes to start building a new 24,000 square meters of office building in 2021. It will include 4000 square meters of cooperative work space and will take two years to build.
Overall, the cost of 685 million yuan will expand the shopping mall by 43,000 square meters, including new commercial office space.
The company will conduct 10 weeks of community counseling in December, January and February to get feedback on the changes.
