Work has officially commenced on Melbourne Walk, a redevelopment of The Walk Arcade, following a ground-breaking ceremony in Melbourne’s CBD.
Steadfast Capital and development advisor Shorea Capital joined development partners – Hickory, Colliers and Buchan earlier this week to mark the beginning of works at Melbourne Walk.
Located in the heart of Melbourne’s famed shopping scene and street art laneway, the mixed-use development encompasses three retail levels offering more than 6,000m2 of prime retail, food and beverage space, featuring high-exposure frontage at both Bourke Street Mall and Little Collins Street.
The site will also become a tourism and business travellers’ hub, courtesy of the 450-room dual-brand hotels – Hotel Indigo and Holiday Inn managed by InterContinental Hotels Group, above the retail precinct.
Melbourne Walk will bolster the retail offering of one of the city’s busiest shopping precincts, with high exposure frontages designed to attract international flagship and new-to-market concept stores.
Melbourne Walk’s ground floor will connect Bourke Street to Little Collins, filtered with natural light, and opening onto Union Lane, where iconic street art will be preserved as well as blank canvases provided to further creativity – a key feature of Melbourne’s cultural scene.
Level five of the development is highlighted by a sky terrace restaurant, lounge and bar overlooking the bustling Bourke Street Mall, an ideal space for patrons to soak in the sights and sounds of the shopping precinct and various festivities.
The redevelopment will embrace the history and culture of the city with a reimagined central arcade and heritage façade retention program. The protection and restoration work includes Diamond House, Public Benefit Bootery, Allans Building and York Building façades.
Teck-Lay Tay, Executive Director of Steadfast Capital said: “Melbourne Walk is set to become a hotspot for residents and visitors alike.”
“We’re very pleased to be breathing new life into such an iconic part of Melbourne with Melbourne Walk. Our work together with Hickory and Buchan will add an attractive destination to the Melbourne CBD.”
“A comprehensive variety of retail and hospitality options will set to draw patronage into the Bourke Street Mall precinct,” said Teck.
