Vicinity Unveils Next Stage of $460m The Glen Refurb

Vicinity Centres and Perron Group, co-owners of major regional shopping centre The Glen in Melbourne’s south-east, have confirmed the next stage of the centre’s $460 million redevelopment.

The third stage – the updated fashion and lifestyle precinct – will open in October, with the developers announcing that global brands Uniqlo and H&M have signed on as retailers.

Vicinity Centres launched The Food Gallery in March as part of the second stage of the mall’s major refurbishment.

The Glen redevelopment comprises five stages which include a new town square with two-levels of dining, a fresh food market hall and 240-plus stores.

The fourth stage, due in late-2019, comprises the new premium fashion precinct and town square. David Jones has pre-committed 8,000sq m as part of the premium fashion precinct.

Probuild will deliver all five stages of The Glen’s redevelopment while the centre continues to trade.

At project completion in early 2020, The Glen will be expanded to approximately 78,000sq m of gross lettable area.

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Earlier this month, Vicinity Centres announced it will offload $1 billion of sub-regional and neighbourhood shopping centres.

The ASX-listed investment trust said that sale proceeds from its non-core portfolio will be reinvested in flagship development opportunities.

Vicinity Centres currently holds approximately $6.9 billion worth of shopping centres around Australia.