The City of Melbourne has announced that Lendlease will join forces with the Council to revitalise the garden city’s Queen Victoria Market precinct.
The 3.2 hectare site has been allocated $1.7 billion as both developer and Council look to transform the precinct. Queen Victoria Market has been developed in consultation with an architecture superteam that comprises NH Architecture, Kerstin Thompson Architects, 3XN Australia, Searle x Waldron Architecture, Openwork and McGregor Coxall.
“This landmark project is a strong sign of confidence in Melbourne as a destination for investment, workers, residents and visitors,” says Melbourne Lord Mayor Sally Capp.
“This $1.7 billion project will deliver connected office space, student housing, affordable housing and more parking for market customers. We know this investment will attract thousands of new residents, workers and visitors, all while boosting business for traders.”
Pending approval, Gurrowa Place forms one portion of the precinct. Gurrowa Place will comprise a 28-level commercial building, a 560-residence tower featuring build-to-rent and affordable housing dwellings and an 1,100-bed student accommodation building.
The second portion of the precinct includes a 1.8-hectare public park, to be known as Market Square. The retail tenancies that front Franklin Street that will be restored and form a new retail village, with a 220-space basement carpark to be created to mitigate on-street parking. A new civic pavilion, dubbed the Queen’s Corner Building, is touted as the precinct’s future cornerstone.
Lendlease has worked in close collaboration with the local Wurundjeri peoples, which has resulted in the reintroduction of native plants that were removed when Melbourne was first developed. Sustainably speaking, the entire precinct will be electrically powered, with carbon neutrality a common goal amongst built environment professionals, developers and Council.
“Delivering this project is a once-in-a generation opportunity to be part of one of Melbourne’s most iconic and beloved landmarks that has been serving the people of Melbourne for the past 140 years,” says Tom Mackellar, Managing Director of Development at Lendlease.
“The creation of Gurrowa Place begins the next chapter in the evolution of Queen Victoria Market. It will celebrate the rich history of the place, while introducing new spaces for the community and a vibrant precinct that welcomes locals and visitors.
“Lendlease looks forward to working alongside the City of Melbourne, Scape and all project partners, and the community to deliver a reimagined precinct that preserves the heart and soul of this Melbourne \ landmark while ensuring it continues to thrive.”
More than $14 million in direct social investment is expected to be generated through the renewal of the area, while $1 billion is anticipated to be injected into the economy once the project reaches completion.
Construction of the precinct is due to begin in 2024, with completion anticipated to be reached in 2028.
