Morley Galleria revamp to start in FY25

Vicinity Centres has flagged a timeframe for the stalled $350 million redevelopment of Morley Galleria, with initial works to start in this financial year.

Announcing its half-year results today, the property group said it expected initial works construction to start in the third quarter of the 2025 financial year with full site mobilization by the first quarter of FY26.

Vicinity Centres and its joint venture partner Perron Group gained approval for a $350 million redevelopment of Galleria Shopping Centre in 2016, which included a refurbishment of Myer, new indoor and outdoor dining, and entertainment facilities.

But the project was shelved in 2019 amid weak retail market conditions.

Last week, a development assessment panel approved minor changes to the application.

The Morley community, including City of Bayswater mayor Filomena Piffaretti, criticised the delay of the project at the DAP meeting.

Ms Piffaretti pushed for the DAP to impose a timeline on the project’s substantial commencement but was voted down.

In its half-year results, Vicinity estimated its portion of the cost over Galleria to be $100 million.

The Chadstone-based group reported $492.6 million profit in the first half of FY25, against the $223.5 million recorded in the prior corresponding period.

Shares in Vicinity were trading at $2.28 each, up 0.88 per cent at market close today.