Golden Age Group adds The Glen to their portfolio
It was announced this morning that Golden Age Group will develop the residential component of The Glen.
Vicinity Centres with co-owner Perron Group have decided to sell the air rights above the centre which is at the starting point of its multi-million dollar redevelopment. Urban.com.au reported last month on Vicinity's construction launch of the $490 million project, which will expand the existing centre to include 78,000 square metres of gross lettable area.
Vicinity Centres has indicated that the majority of retail spaces within The Glen's first development stage has been leased. Opening late 2017, this initial stage will include an Aldi, Woolworths, Coles and over 60 specialty stores.
Multiple dining precincts and a new Town Square will spearhead the redevelopment's push to open up/be more expressive with its surrounds.
The Glen will open in a number of stages and is expected to be complete by early 2020.
As for Golden Age Group, they now inherit the right to deliver 539 apartments across three towers, in accordance with approved plans devised by NH Architecture.
Initially submitted at a lofty 86 metres to its highest point, The Glen's tallest residential tower was eventually approved at 64 metres or 20 levels. Smaller residential towers reach 12 and 13 levels respectively.
The tallest tower in the area prior to The Glen receiving approval is Australian Nan Xin Investment's Galleria at 52-54 O'Sullivan Road at 15 levels and 47 metres.
Under the approved plans, the 539 apartments are split between 155 single, 357 double and 22 triple bedroom and 5 quad bedroom apartments. Whether Golden Age Group pushes on with the approved design or seeks to alter the format/configuration of the three buildings remains to be seen.
The addition of The Glen's apartment component swells Golden Age Group's current Melbourne portfolio to seven projects, encompassing a very hefty 2,750 apartments.
Victoria One, Opera, Collins House and Sky One Box Hill represent the developer's projects currently at construction. Also in Box Hill, Golden Age Group are pursuing a planning amendment that will allow for the delivery of dual towers across 517-521 Station Street, whilst The Glen joins 85 Spring Street as projects that the developer has licked up post planning approval.
Lead image: Panoramio