Saraceno and Schiavello team up for mixed-use development in Clayton SouthMay 29, 2017
After having spent the past three years searching for a partner for their mixed-use development in Clayton South, it has recently been announced that Nick Saraceno has entered into a 50-50 joint venture with Schiavello group.
What initially started as a $600 million development has now increased to an impressive $1 billion, and is expected to become one of the city’s biggest mixed-use precincts.
The development will boast a variety of different facilities over its 3.52-hectare site, including more than 600 apartments across four towers, a 250-bed hotel, a 17,500 square-meter office building and a 26,000 square-meter shopping centre.
The site, which is conveniently located on the corner of Princess Highway and Blackburn Road, has been owned by Saraceno since 1992. Construction will finally get underway in the third quarter of this year and is expected to take three-and-a-half years to complete. Saraceno and Schiavello will retain ownership of hotel, office and retail properties once construction has ceased.
There isn’t much pushback expected for this venture as the development will cater for families and individuals alike. The tallest building on the site is 12 storeys high, separating this particular development from its high-rise suburban counterparts.