CONSTRUCTION has started on Melbourne Walk, a redevelopment of icon The Walk Arcade, one of Australia’s best known retail landmarks.
Steadfast Capital and development advisor Shorea Capital joined development partners – Hickory, Colliers and Buchan earlier this week mark the event.
The mixed-use development encompasses three retail levels offering over 6,000 sqm of space, sitting below the 450-room dual brand hotels – Hotel Indigo and Holiday Inn managed by InterContinental Hotels Group.
The redevelopment will embrace the history and culture of the city with a reimagined central arcade and heritage façade retention program. The protection and restoration work includes Diamond House, Public Benefit Bootery, Allans Building and York Building façades.
Teck-Lay Tay, executive director of Steadfast Capital said Melbourne Walk is set to become a hotspot for residents and visitors alike.
“We’re very pleased to be breathing new life into such an iconic part of Melbourne with Melbourne Walk. Our work together with Hickory and Buchan will add an attractive destination to the Melbourne CBD.” said Teck.
Shorea Capital CEO Eugene Teo said the redevelopment will provide a quintessential immersive Melbourne experience, a must-see destination for shoppers and tourists alike.
“Through Melbourne Walk, we aspire to connect people to the vibrant Melburnian atmosphere whilst embracing and celebrating the local street art culture,” said Teo.
Colliers director Adam Lester is handling the leasing campaign and said Melbourne Walk presents an exciting opportunity for tenants to be part of a rich piece of the entertainment and cultural scene Melbourne is known for, with the added benefit of significant tourism traffic on site.
“It’s incredibly rare that we have the ability to tailor a major development to elevate such a vital part of Melbourne’s identity, and we’re thrilled to take this first step in introducing what will be a retail icon for generations to come.” Lester concluded.
