First stage approaches for $5bn Merrifield project
QIC Global Real Estate and joint venture partners MAB Corporation and Gibson Property Corporation will start work in the new year on the $40 million first stage of their Merrifield City Centre in Melbourne’s northern growth corridor.
The first stage will see 7000sqm of retail space housing a new Coles supermarket and 20 specialty stores.
Managing director of QIC Global Real Estate, Steve Leigh, says the development is in line with the group’s philosophy of creating multi-purpose, retail-led destinations that fulfilled the lifestyle needs of the community.
Commercial Insights: Subscribe to receive the latest news and updates
The near $5 billion development is expected to be Victoria’s biggest mixed-use master-planned community. It will see 20,000 people housed in 8000 dwellings, a 300ha business park and 140ha city centre on a 900ha site.
The development is expected to create 30,000 jobs.
“Our recently completed developments at Eastland in Melbourne’s east and 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,” Leigh says.
The partnership to develop the new Merrifield shopping centre was formed last year.
QIC, which owns and manages major shopping centres in the US and Australia, has a portfolio of 37 retail assets.
MAB managing director Andrew Buxton says the first stage of the Merrifield City Centre is a milestone, with the retail project to have more than 200,000sqm of retail floor space.
“Our commitment is to the early delivery of services, shopping and restaurants for the new residential and business community at Merrifield and create a premier lifestyle and business destination for the region,” he says.
This article originally appeared on www.theaustralian.com.au/property.
