450 Queen Street, Melbourne

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Jeff Xu’s Golden Age Group has been given the final ministerial tick of approval to develop a 21-storey tower within Melbourne’s historic Queen Victoria Market precinct.</p><p>Construction of the $150-million development on a 1016sq m site at 432-450 Queen Street is expected to begin in the second half of this year.</p><p>The Bates Smart-designed tower—to be known as 450 Queen Street—was endorsed by the City of Melbourne in June last year and recently given the go-ahead by planning minister Richard Wynne.</p><p>The green light has been granted despite concerns over the precinct’s redevelopment and fears surrounding high-rise projects will “overshadow”, “homogenise” and “kill” the market, which has been operating for almost 150 years.</p><p>Under the approved plans, the existing building on the site will be restored and integrated into the development.</p><p>The new 67m tower will comprise 129 one- and two-bedroom apartments, with 10 per cent allocated for affordable housing, as well as three lower levels of retail space.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/42e8e109-b6d1-4e5d-8a73-9df5bed55f84.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Under the approved plans for Golden Age Group&#x27;s new 21-storey tower, the existing building on the Queen Street site will be restored and integrated into the development.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Bates Smart director Julian Anderson said the project’s design was undertaken “with residents, visitors and the market community in mind by providing engaging spaces to live, work and play”.</p><p>“We have taken great care in designing an enduring and well-crafted addition to this neighbourhood, respecting the site’s historical context while being mindful that this development will have a role in shaping the future character of an evolving and diverse urban fabric,” he said.</p><p>Anderson said masonry would be applied to podium forms to complement the existing building and vitrine windows incorporated into the ground-floor retail as a contemporary interpretation of shopfronts in the market precinct.</p><p>Also, a triple-height, north-facing atrium would provide natural light and activity to the lower and upper ground retail tenancies, he said.</p><p>Golden Age managing director Jeff Xu welcomed the project’s ministerial approval as “a fantastic start to 2022”.</p><p>“Receiving approval is a reflection of the level of confidence the state government has in us as co-developers of this city,” he said.</p><p>“The project is located in a significant area of the Queen Victoria Market precinct and we’re excited to develop a project that will further contribute to this ever-evolving pocket of the city.”</p><p>The tower plans also include a basement level with 180 bicycle parking spaces, but no car parking spaces.</p><p>The council endorsed the development last year with some amendments, including the retention of more of the heritage facade.</p><p>At the time, City of Melbourne deputy lord mayor Nicholas Reece rejected claims the proposed tower looked like “a spreadsheet in the sky”, saying it was a high-quality development that would add value to the area.</p></div></div></div></div></div>

The green light has been given for construction to begin on a 21-storey tower as part of the redevelopment of the Queen Victoria Market precinct...

Following a big win in the Melbourne Cup, Maxcap Group is putting $132 million behind Golden Age Development Group’s 130 Little Collins Street project.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>After a big win in the Melbourne Cup, Maxcap Group is betting on the CBD office sector’s renaissance, putting $132 million behind Golden Age Development Group’s 130 Little Collins Street project.</p><p></p><p>The plans included a 28-storey office tower with 49 suites, three retail units and a ground floor restaurant designed by Cox Architecture.</p><p></p><p>Golden Age picked up the 651sq m site and existing building in mid-2019 for $40.5 million and <a href="https://www.theurbandeveloper.com/articles/-golden-age-secures-approval-on-little-collins-street">gained approval for the new plans</a> in August, 2020.</p><p></p><p>However in this time, Melbourne’s office market has been buffeted by a massive occupancy slump—the Property Council of Australia indicating occupancy was at 6 per cent of pre-Covid levels in September.</p><p></p><p>Occupancy had not reached 50 per cent since the pandemic began, however, all restrictions for wearing masks to the office will be lifted when 90 per cent of the population is vaccinated, which is predicted to be before the end of November. </p><p></p><p></p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/f95a3406-cb29-4251-86ad-6e51bdb30582.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Located at the famed Paris end of the Melbourne CBD, 130 Little Collins will be a 28- level commercial office development.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Maxcap chief investment officer Brae Sokolski was among the  shareholders in this year’s Melbourne Cup winner Verry Elleegant.</p><p>Golden Age managing director Jeff Xu said there was currently limited opportunity for quality office space of all sizes in the east-end of the Melbourne CBD.</p><p></p><p>“We’re witnessing a preference towards more boutique floorplans as a result of businesses scaling down their requirements for an office, coupled with something that greater emphasizes lifestyle and wellbeing,” Xu said.</p><p></p><p>“We have very successfully targeted owner occupier commercial tenants and have achieved 60 per cent of presale of the project since launching earlier this year.</p><p></p><p>“Many tenants within Melbourne’s eastern core have historically had to renew within the precinct given the lack of supply and availability but 130 Little Collins has catered to the pent up demand.”</p><p></p><p>Maxcap co-founder Brae Sokolski said they have partnered with Golden Age on dozens of projects in the past. </p><p></p><p>“We are delighted to have such a long track record with Jeff Xu and his company and look forward to continuing this positive relationship long into the future,” Sokolski said.</p><p>Recently international investor Apollo Global Management <a href="https://www.theurbandeveloper.com/articles/apollo-max-cap-deal-non-bank-lenders">purchased a 50 per cent stake</a> in the Australian non-bank lender.</p></div></div></div></div></div>

Following a win in the Melbourne Cup, Maxcap Group is putting $132 million behind Golden Age Development Group’s 130 Little Collins Street office

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Property developer Golden Age Group has $450 million plans for a new Chinatown in Melbourne&#x27;s eastern suburbs as part of its mixed-use Sky Village development in Box Hill. </p><p>The new Chinatown is the second for Melbourne. While the Sky Village project, designed by Fender Katsalidis, will be the developer’s third Box Hill project.</p><p>Golden Age, led by Jeff Xu, said the project was spurred on by the local Box Hill area, with more than 30 per cent of the suburb’s inhabitants born in China or Hong Kong. </p><p>“Box Hill shares many of the cultural and historical ties to Melbourne’s long-standing Chinatown in the CBD,” Xu told <em>The Urban Developer</em>.</p><p>“New Chinatown has been envisaged to celebrate and expand upon these ties visually, culturally and gastronomically.</p><p>“New Chinatown and its accompanying residential development would be one of the largest and most significant investments into Box Hill in its long history, with major economic, social and cultural benefits for the local area,” Xu said.</p><p>“Each Chinatown has its own unique story to tell and New Chinatown will be no different.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/d72d592c-ad57-4d13-a08a-36cf126b8085.jpg" width="920"/></picture><div><span style="align-content:center;opacity:0.8">▲ Xu says new Chinatown will be inspired by the South of Yangtze River and the grandeur of Beijing.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Melbourne&#x27;s new Chinatown will comprise two 18-storey towers with 429 apartments located at 517-521 Station Street.</p><p>Xu says Fender Katsalidis is also designing the twin-tower development which will stand above Chinatown, while Aspect Studios will do landscape design.</p><p>In contrast to Melbourne CBD’s Chinatown, Xu said Golden Age Group will retain full ownership of all tenancies.</p><p>“Thus reinforcing our commitment to delivering a supremely high standard at New Chinatown,” he said.</p><p><em>Related: </em><a href="https://theurbandeveloper.com/articles/golden-age-group-and-woodlink-dump-1bn-of-projects-in-melbourne">Golden Age, Woodlink Dump $1bn Of Melbourne Apartment Projects</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/f0c66920-9e77-40ef-8881-6813fd523974.jpg" width="920"/></picture><div><span style="align-content:center;opacity:0.8">▲ The Developer currently has &#x27;Sky One&#x27; under construction, a 36-storey mix use building at 545 Station Street Box Hill.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The New Chinatown will offer 10,000sq m of retail space across three levels and comprise a range of food and beverage, retail and commercial retailers. </p><p>The developer’s plans for a new Chinatown also include a 1,500sq m childcare centre, a Chinese language school and bookshop, Chinese Herbalists and a variety of Chinese and Western medicine clinics. </p><p>While at basement level “Hawker Hall” will span 4,000sq m, delivering street-style offerings.</p><p>Chinatown follows on from the developer’s completed Jade Apartments and <a href="https://theurbandeveloper.com/articles/golden-age-group-sky-one-box-hill">Sky One which is under construction</a>. </p><p>Completion for Box Hill&#x27;s new Chinatown is due in late 2022.</p></div></div></div></div></div>

Jeff Xu's Golden Age Group has announced plans for a new Chinatown as part of its $450 million mixed-use Sky Village development in Box Hill.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>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. </strong></p><p>The third stage – the updated fashion and lifestyle precinct – will open in October, with the developers announcing that global brands Uniqlo and H&amp;M have signed on as retailers.  </p><p>Vicinity Centres launched <a href="https://theurbandeveloper.com/articles/-food-gallery-adds-to-vicinitys-retail-offering-at-the-glen">The Food Gallery</a> in March as part of the second stage of the mall’s major refurbishment. </p><p>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. </p><p>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. </p><p>Probuild will deliver all five stages of The Glen’s redevelopment while the centre continues to trade. </p><p>At project completion in early 2020, The Glen will be expanded to approximately 78,000sq m of gross lettable area.</p><p>Related: <a href="https://theurbandeveloper.com/articles/urban-farm-creates-much-needed-retail-customer-experience-">Urban Farm Creates Much-Needed Retail ‘Customer Experience’</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/b6ac7b9d-432c-4b1c-99a2-b34a5d3d56c5.jpg" width="960"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Earlier this month, Vicinity Centres <a href="https://theurbandeveloper.com/articles/vicinity-sells-1bn-worth-of-australian-shopping-malls">announced it will offload $1 billion </a>of sub-regional and neighbourhood shopping centres. </p><p>The ASX-listed investment trust said that sale proceeds from its non-core portfolio will be reinvested in flagship development opportunities.</p><p>Vicinity Centres currently holds approximately $6.9 billion worth of shopping centres around Australia.</p></div></div></div></div></div>

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 th

Sheraton Hotel Melbourne 

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Qatar Airways has added to its international hotel portfolio, buying the Sheraton Melbourne Hotel in a deal worth about $135 million. </strong></p><p>The Middle Eastern airline confirmed the acquisition on Monday. </p><p>Melbourne-based developer Golden Age Group had put the hotel on the market last year as it looked to rearrange its holdings after buying a neighbouring site in Melbourne’s Spring Street from Grocon for around $75 million. </p><p>It entered into a <a href="https://theurbandeveloper.com/articles/starwood-capital-joins-golden-age-group-to-manage-200-million-melbourne-hotel">joint venture agreement with affiliates of Starwood Capital group</a> to manage the hotel component at the $600 million mixed-use development slated to open in 2020.</p><p>The Sheraton Melbourne was opened in early 2014 after an absence by the brand in Melbourne of nearly 10 years. Sheraton has a long-term management agreement over the Melbourne property.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/2b0ba804-25a1-417b-b4e9-e2a4c90e548a.jpg" width="666"/></picture><div><span style="align-content:center;opacity:0.8">Sheraton Melbourne Hotel in a deal worth about $135 million. </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>It is believed that Golden Age Group’s Jeff Xu wanted to cash in on the buoyant operating conditions for hotels in Melbourne and fund other projects.</p><p><strong>Related reading:</strong> <a href="https://theurbandeveloper.com/articles/golden-age-plans-350m-apartments-for-melbournes-next-cbd-">Golden Age Plans $350m Apartments for ‘Melbourne’s Next CBD’</a></p><p>The airline said in a statement the hotel was hand-picked to extend the excellent service its passengers receive in the air and when they arrive at their destination. </p><p>The five-star Sheraton Melbourne Hotel is located in the “Paris end” of Little Collins Street, just minutes away from many well-known restaurants, theatres, and designer boutiques, as well as Melbourne’s CBD.</p><p>The Sheraton Melbourne joins a growing list of properties acquired and managed by the airline’s hospitality division, including the Sheraton Skyline Hotel at London’s Heathrow Airport, The Novotel Edinburgh Park in Edinburgh Scotland, the Oryx Rotana Hotel in Doha, and The Airport Hotel located at Doha’s Hamad International Airport.“The acquisition of the Sheraton Melbourne Hotel complements Qatar Airways’ global strategy for growth, and further strengthens our offering for passengers travelling on board our daily flights to Melbourne,” Qatar Airways Group chief executive Akbar Al Baker said.</p><p>Earlier this week, Qatar Airways launched direct services to Canberra and now connects Canberrans to the airline’s extensive global network of more than 150 destinations. </p></div></div></div></div></div>

Qatar Airways has added to its international hotel portfolio, buying the Sheraton Melbourne Hotel in a deal worth about $135 million.

GOLDEN AGE GROUP