Friday, September 21, 2018

New $1B development in Melbourne’s south-east

Saraceno Group’s $1 billion mixed-use development is coming to Clayton, one of the fastest growing employment corridors in Melbourne’s south-east, 20 kilometres from the CBD.

The development is one of the largest ever undertaken in the city and includes a range of residential, hotel and serviced apartment accommodation as well as retail, entertainment and commercial facilities within the world-renowned education and medical precincts of the Monash municipality.

The full-service hotel and apartments component of the development is due for completion in late-2020.

The 10-storey hotel will include 250 hotel rooms, conference and meeting facilities, a restaurant and bar, and onsite car parking.

While a pending agreement could see AccorHotels take over Mantra Group in the near future, Mantra is currently managing the property.

Mantra group chief executive officer Bob East said:

“In addition to its established corporate and leisure travel drivers, the suburb of Clayton will continue to benefit from ongoing urbanisation,” said Mr East.

“Melbourne’s annual calendar of international and domestic sporting, cultural, and convention-based events is also a proven contributor to the greater Melbourne region.”

“We’re thrilled to partner with Saraceno Group on this landmark new development for Melbourne.”

Saraceno Group Director Nick Saraceno said he is very excited to continue his longstanding relationship with Mantra Group, who joins the journey to realise his long-time vision for the M-City development.

“I’ve had this dream for over 20 years,” said Mr Saraceno.

“We’ve been overwhelmed by the continued support and success of Mantra Group to date.”

“Mantra Group, Saraceno Group and our JV Partner Schiavello are on the path to bring the dream to reality, which will provide opportunities to the Monash municipality.”

The development will also include an independently operated commercial fitness centre, with a swimming pool, for hotel guests to access.

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