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 50% joint venture between MAB/GPC and QIC comprises a 30 hectare site within the Merrifield city centre, set to provide a cutting-edge retail experience and setting new benchmarks for commercial design in Melbourne’s north. The site has been master planned with the capacity to deliver more than 200,000 square metres of retail floor space and act as the centrepiece for those living and working in Merrifield.
The centre will be built in a staged manner to support the growing residential population and local business community.
Managing Director of QIC Global Real Estate, Steven Leigh said 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.
“The initial stage of the development is planned to comprise a major supermarket and a range of speciality retailers,” Mr Leigh said.
“We are pleased to bring our expert knowledge in creating large-scale town centre destinations to this significant master-planned community development.
“During the past 20-plus years we have acquired and developed a retail portfolio of 37 real estate assets globally.
“Our recently completed developments at Eastland in Melbourne’s east and The Kitchens at Robina Town Centre on the Gold Coast demonstrate our commitment to creating destinations that provide lifestyle, recreation, entertainment and dining experiences, in addition to an exceptional retail offer,” Mr Leigh said.
MAB Corporation 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 by20401.
“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. Buxtonsaid.
“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.
Bianca Fernando, MAB Corporation email@example.com/ 03 8681 2244
Merrifield is a joint venture between MAB Corporation and Gibson Property Corporation. With unrivalled expertise and experience in the planning and delivery of large masterplanned projects, Merrifield is their largest and most visionary development to date. MAB and GPC have a proud history of delivering high quality developments throughout Melbourne. The guiding principle is to create vibrant and sustainable communities, with access to employment, education, health services and facilities. Through a solid partnership and a highly experienced team, MAB and GPC have a strong reputation of delivering on their vision.
QIC is one of Australia’s largest institutional fund managers, which has over the past 20-plus years acquired and developed a retail portfolio of 37 real estate assets globally.
QIC’s domestic real estate portfolio comprises assets in Queensland, Victoria, New South Wales, ACT and Western Australia. Its international property holdings include regional retail malls in the United States located on the West Coast in California and Nevada and on the East Coast in Florida, New York, Virginia, West Virginia and Pennsylvania.
QIC’s global real estate portfolio was valued at in excess of AUD17.7billion as at December 2016.