Apartment development slated for Melbourne's The Glen shopping centre
Staff reporterApril 26, 2017
More than 500 apartments are set to be built above Melbourne's The Glen shopping centre in Glen Waverley.
The air rights to the shopping centre have gone to Jeff Xu’s Golden Age Group by retail landlord Vicinity Centres and co-owner Perron Group.
Three residential towers are set for the site.
The first stage of the retail development was set to open late 2017 with and expected to be completed by 2020.
Vicinity said the apartment deal had cut the redevelopment costs to $460 million, from $490m, of which Vicinity’s share was 50 percent.
"After completion of the redevelopment, an initial yield of more than 6 per ent and an internal rate of return of more than 10 percent were likely," Vicinity said.
