Two of Melbourne’s leading developers and one of Australia’s largest institutional fund managers have announced they will band together to deliver a new shopping centre in Melbourne’s northern growth corridor.
The centre will be developed by QIC, the Group behind the $665 million transformation of Eastland, in partnership with MAB Corporation (MAB) and Gibson Property Corporation (GPC), the developers of Merrifield, Victoria’s largest masterplanned mixed-use community.
The project was planned to comprises a 30 hectare site and was masterplanned with the capacity to deliver more than 200,000 square metres of retail floor space, making it the centrepiece for those living and working in Merrifield.
The long-term development will comprise a best-in-class major town centre delivered in a number of stages to service Melbourne’s Northern Growth Corridor.
MAB Managing Director Andrew Buxton said the centre will cater to the needs of the growing population within Melbourne’s northern growth corridor, which is expected to increase from 405,000 people in 2015 to 658,000 by 2041.
“MAB and GPC are very excited about this partnership as it signals another significant step in realising our live, work, play vision for Merrifield,” Mr Buxton said.
“This new retail precinct at the epicentre of Merrifield is planned to deliver a shopping centre the size of Fountain Gate in Melbourne’s north, which will provide the community access to a range of shopping, dining and entertainment options, unlike anything else in the corridor.
“Considering the rate of development already experienced at Merrifield, we anticipate that stage one of the centre could be trading as early as mid-2019,” added Mr Buxton.
Located at the corner of Donnybrook Road and Hume Freeway in Mickleham, Merrifield will transform over 900 hectares into a vibrant new city, comprising more than 8,000 new homes accommodating over 25,000 people, a 300 hectare business park and 140 hectare city centre, which will create in excess of 30,000 new jobs for the region.