A 1980s Melbourne shopping centre is in line for a $500 million mixed-use redevelopment after Time & Place secured approval for a second major development in a matter of weeks.
Northcote Plaza, in the city’s inner north east, will see four new residential towers added with over 600 apartments – including a build-to-rent component and a 10% allocation to affordable and social housing – at the southern end of the plaza, as well as 6,500 sqm of retail space, a standalone office building at the site’s north-west and three levels of basement parking.
Fender Katsalidis was engaged to revamp the original design for the site, which resulted in a reduction in height to the central tower from 28 to 18 levels.
Time & Place bought the 15,000 sqm site from LAS Group last year for $60 million. LAS Group had paid $35 million in 2019 for the property with its own plans for a half-billion-dollar mixed-use project.
Time & Place has just secured a permit from the Victorian Civil and Administrative Tribunal after its plans were unanimously rejected by Darebin Council last year due to a perceived lack of social housing and community facilities.
A report commissioned by advisory company Macroplan estimates the redevelopment will generate an additional $21 million in retail spending per year and over create more than 500 construction jobs over the project’s lifespan, and 350-centre-related jobs.
Construction is expected to begin in next year’s June quarter and completion in late 2025.
Fast-gentrifying Northcote was regarded as Melbourne’s most liveable suburb in a 2021 PwC study into Melbourne’s liveability following the impact of the pandemic.
“This is underpinned by the high quality of parks and open spaces, public transport, food and beverage offerings, location and access to the CBD and other suburbs and, importantly, it has been culturally been embraced by Melbourne’s young professionals and families as the gentrification of the older generation has occurred,” said Time & Place director, Tim Price.
“We absolutely see this as now being one of Melbourne’s most iconic suburbs and the need for improved retail and convenience offerings.”
Time & Place is about to kick off construction on a $410 million Southbank apartment and hotel tower after this month receiving backing from the Future Melbourne Committee.
In April, alongside builder Hickory and lender Qualitas, it forged ahead with a $230 million office campus in Sydney’s Alexandria without signing a single tenant.
