Lendlease and the City of Melbourne have unveiled plans for a $1.7 billion development to transform the Queen Victoria Market precinct in Melbourne’s CBD.
Lendlease will develop the Gurrowa Place project following the council’s divestment of the Southern Precinct, which adjoins the Queen Victoria Markets.
Under the plan, Lendlease will develop three new towers comprising residential, office, retail, build-to-rent and student accommodation in the Southern Precinct.
The development includes a 28-level sustainable office and retail tower, a residential tower with 560 apartments and a third tower will 1,100 student accommodation beds.
The residential tower will include build-to-rent apartments and 15% affordable housing.
“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,” Lendlease Managing Director Development Tom Mackellar said.
“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.”
The market’s open-air car park will also be converted into 1.8 hectares of new public open space.
A new underground car park will provide 220 spaces for market customers, and 300 spaces on weekends. This is in addition to the 500 spaces already open in the Munro development – ensuring there will be no loss of parking.
The development has been designed by world-leading architects, and will set a new benchmark for sustainability – creating a precinct rich in biodiversity, while targeting Carbon Neutral Precinct Certification and 5 and 6 Star Green Star ratings.
The development is the council’s most significant partnership with the private sector, generating more than $1 billion in economic activity and creating over 4,000 new jobs.
“Our landmark divestment of the Southern Precinct will transform our city’s north with a vibrant new precinct bursting with uniquely Melbourne experiences – creating an enduring legacy for the Queen Victoria Market for generations to come,” Lord Mayor Sally Capp said.
“Gurrowa Place will enrich the traditional market offerings Melburnians and visitors know and love – attracting thousands of new residents, workers and visitors and boosting business for traders. This globally-iconic precinct will be a place to celebrate – with spaces for events, world-class retail and new laneways and arcades to complement the beloved market experience.”
“Traders will benefit from more customers and activity, with every dollar of this sale reinvested into the preservation and renewal of the precinct. Melbourne is the fastest-growing capital city in the country – and this development is a vote of confidence in our future. Lendlease could invest anywhere in the world, but it’s choosing Melbourne.”
Construction to commence in early 2024 and be delivered in stages over the next five years.
