A major expansion of the Chadstone Shopping Centre is set to generate about seven thousand jobs in south-east Melbourne, and creating new business opportunities in the retail, service and construction industries.
The total worth of the undertaking is valued at $580 million, with the expansion including 40 new retailers, up to five international flagship stores, a cinema complex, two food precincts, a 10-level office building, a centralised bus interchange, a hotel and 800 car spaces.
According to the media release by the Premier of Victoria, the Chadstone expansion officially began last Tuesday, with Premier Napthine, Treasurer Michael O’Brien, John Gandel AO from the Gandel Group and Angus McNaughton Managing Director and CEO of CFS Retail Property Trust Group, turning the first sod.
“We are turning the sod on more than half a billion dollars of investment by the centre owners, delivering a project that will create more than 7,000 direct and indirect jobs during construction. Once opened, this project will deliver more than 3,400 permanent jobs, and generate more than $110 million in investment by retailers and tenants,” Dr Napthine said.
“The Victorian Coalition Government’s strong economic management is giving business the confidence to invest on the scale and size that Chadstone is announcing today.”
The Victorian Coalition Government is continuously encouraging business to create new jobs and boost investment. Starting from 1 July 2014, Victoria has cut the cost of employing staff by cutting payroll tax by $234 million over four years, benefitting 39,000 employers; and reducing the average Victorian WorkCover premium by 2 per cent, with more than 115,000 Victorian businesses paying lower premiums.
“Under the Coalition Government, 78,700 additional jobs have been created in Victoria. This major expansion of Chadstone is a clear vote of confidence in Victoria’s economy and its continuing growth,” Mr O’Brien said.