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 $60 million in 2021 and restructured the initial development application to reflect the Time & Place vision for the 15,000 square metre Northcote Plaza 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.
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 6,500 square metres 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 per cent 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 $21 million 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.
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 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.”
Construction is anticipated to commence in the second quarter of 2023 with a projected completion date in the fourth quarter of 2025.