Diversified property developer Time & Place has succeeded in its VCAT Development Approval for the $500m revitalisation of the southern end of Northcote Plaza.
The developer acquired the site from previous owner LAS Group for approximately $60m in 2021 and restructured the initial development application to reflect the Time & Place vision for the 15,000sqm site. The proposal will see the redevelopment of the southern portion of the plaza while maintaining connectivity to the existing centre, which will remain fully operational throughout the construction period.
Renowned Australian interior and architecture practice Fender Katsalidis were engaged to undertake the revamp of the original design, with the amended plans by Time & Place seeing a reduction in the height of the central tower from 28 to 18 levels.
The approved permit also includes provision for 6,500sqm of retail space anchored by three levels of basement parking. A public laneway, multipurpose space and residential lobbies will also be housed on site. Atop the podium structure will be four residential towers servicing over 600 apartments, alongside a standalone office building to the north west of the site.
Time & Place has been actively working with a number of partners and the residential component has been designed to reflect a substantial Build to Rent offering including a commitment to 10% of the development providing for affordable and social housing through a registered provider. The residential occupants will enjoy substantial internal and external amenity above the high quality redeveloped retail offering.
A report commissioned by advisory company Macroplan estimates the redevelopment will generate an additional $21m in annual retail expenditure and create over 500 construction jobs over the project’s lifespan. Once operational, around 350 centre-related jobs will be established, assisting in the area’s economic recovery following the impacts of the pandemic.
Time & Place will manage the interchange between its owned area and the balance of the existing plaza in consultation with the Owner’s Corporation.
Of the site acquisition and permit amendment, Time & Place director Tim Price said “ Once a more working class inner north postcode, Northcote is now regarded as Melbourne’s most liveable suburb. This was substantiated by the 2021 PWC Study into Melbourne’s liviability post the impact of the COVID 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 culturally been embraced by Melbourne’s young professionals and families as the gentrification of the older generation has occurred. We see evidence of that first hand with many of our own team already in the area and recognise the opportunity to enhance and contribute to the further improvement of the neighbourhood.”
“ We absolutely see this as now being one of Melbourne’s most iconic suburbs and the need for improved retail and convenience offerings. We are passionate about creating inviting, community driven spaces that focus on how people live and interact with the built environment.”
“ We know this is an engaged community who want the best possible outcome for their neighbourhood. We share this commitment and are dedicated to achieving something that truly enhances the existing Plaza.”
“ We are committed to working closely with existing plaza and customers to ensure an outcome befitting of this much loved site.”
Construction is anticipated to commence in Q2 of 2023 with a projected completion date in Q4 of 2025.