LAS Group has submitted plans for a significant revitalisation of Northcote Plaza, which will see two strata titles within the precinct transformed into a new mixed-use town centre called Northcote Green.
The $500m Northcote Green precinct has been designed primarily to enhance and improve the local amenity, delivering a gym, extensive green corridors and connective links, new dining and café tenancies, community pop up activation areas, a community amphitheatre, activated laneways and improved access throughout the precinct.
The existing retail offering in Northcote Plaza will also be strategically re-weighted and re-positioned under the proposed redevelopment, with the current percentage of food and beverage tenants set to double from 4.3 per cent to 8.6 per cent, in a move to improve footfall and dwell times within the centre.
The project is expected to generate an additional $21 million in additional retail expenditure in coming years once complete, according to economic modelling by Macroplan commissioned by the developer, with the significant economic windfall created by Northcote Green, along with the creation of approximately 600 short-term construction jobs and 500 ongoing positions, set to play a positive role in the local area’s economic recovery from COVID-19.
LAS Group managing director Les Smith said the proposed redevelopment would bring much-needed new life to the ageing retail hub.
“ Northcote Plaza has held an almost iconic status in the community for almost 40 years. We see this as an opportunity to reinvigorate and revitalise the precinct to deliver upgrades to the existing infrastructure while adding significant amenity and new community facilities.
“ Our vision for the strategic redevelopment and re-alignment of the tenant mix within the centre, along with the delivery of extensive public amenity and community facilities, is to create more reasons to visit the precinct and deliver more benefit to both existing traders and the local community,” he said.
Due to the site’s unique individual strata titling, Northcote Plaza’s existing trader footprint will remain largely unaffected by the proposed redevelopment and will continue to trade as normal throughout construction.Northcote Green’s announcement follows the commencement of construction at LAS Group’s One Wellington project in St Kilda, a 50-50 joint venture with real estate powerhouse Qualitas, which will bring 252 build-to-rent apartments to one of Melbourne’s most sought-after locales.