- Lendlease to partner with the City of Melbourne to renew the iconic Queen Victoria Market
- The renewal will include housing, parking space, office space, and a 1.8 hectare park
- Construction is expected to begin in 2024
Lendlease will partner with the City of Melbourne in transforming the southern precinct of the beloved Queen Victoria Market precinct.
With a $1.7 billion price tag, it is to be the largest mixed-use development undertaken by the City of Melbourne.
Lord Mayor Sally Cap says this 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,” she said.
Nuts and bolts of the proposal
The project will include three new buildings to transform the southern precinct, while the open-air car park will become Market Square, a 1.8 hectare public open space.
In consultation with Traditional Owners, Gurrowa Place will pay tribute to the site’s history. Gurrowa means place of exchange or interchange, reflecting the purpose of the market.
Lendlease Managing Director of Development Tom Mackellar says, “The creation of Gurrowa Place begins the next chapter in the evolution of the 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.”
Subject to planning and heritage approvals, Gurrowa Place will feature a next generation office building rising 28 levels, adding approximately 43,000 sqm of new workplace.
Diverse housing options will include 560 units, including build-to-rent residential apartments and affordable homes, plus an approximately 1,100-bed building dedicated to student accommodation to be developed by Scape.
Lendlease will also develop a number of components to be retained by the City of Melbourne:
- On the ground plane, a proposed 1.8 hectare public park which will be known as Market Square.
- The restoration of the existing heritage Franklin Street Stores into a new retail village.
- A new 220-space basement car park will also be created for visitors and traders underneath the southern site, along with a civic pavilion, known as the Queen’s Corner Building, that is to become a cornerstone of the precinct.
Prioritising sustainability
The new precinct is prioritising cutting-edge sustainability through carbon reductions in materials, operation and construction, and creating urban habitats to support biodiversity via on-site greenery,
The all-electric commercial and residential buildings, powered by renewable electricity, will pursue carbon neutrality in operation, with the workplace aiming for a 6 Star Green Star Buildings v1 Rev B rating, and the residential buildings going for a 5 Star Green Star Buildings v1 Rev B rating.
Generating revenue and construction commencement
The project is expected to generate in excess of $14 million of direct social investment through various employment, training and social enterprise initiatives and is expected to contribute over $1 billion in value to Melbourne’s economy.
“We’re proud to partner with Lendlease to deliver on our commitment to secure the market’s future,” Cap said.
Construction of the precinct is anticipated to commence from early 2024 and be complete by 2028.
