Melbourne Prepares for $500m Queen Victorian Development
A $500 million dollars’ worth of property development is set to be unravelled by the Melbourne city hall. The town hall recently acquired the historic Munnro site for $76 million. The well-known historic Munro site which is opposite the Queen Victorian market is almost 6500 square meters.
Additionally, the Victroian State Government has gifted the City another piece of land, south of the market.
With these two major land holdings will feature a market redevelopment including public plaza, carpark and extended trading hours. The councils aspiring bid should help drive both locals and tourist to the market which business has slowed in recent years.
The plan is to seek approval for the rezoning of these land parcels to a commercial mixed use which will allow three to five towers up to 50 stories.
Once the re-zoning was approved the council would take the sites to market with the profits to fund the market redevelopments and its surroundings.
Councillor Stephen Mayne has noted that they are yet to decide if sites will be taken to the market at the planning scheme stage or do they proceed with obtaining the permit so they can ensure the sites are designed in good character.
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