- The development includes 19 retail tenancies, a library, and hotel
- Rents range from $800 to $1600 per square metre per annum gross
- First stage was completed in 2021
One of Melbourne’s most iconic locations recently saw a revamp, with retailers now flocking to open their doors at Munro Development’s Queen Victoria Market development.
As part of the revitalisation of the Queen Victoria Market precinct, The City of Melbourne has dedicated 3,000sqm for a new city library, over three levels.
There will also be a 110-room boutique hotel, 2,500sqm of new open space and laneways, community meeting spaces, 500 apartments for long term rental, a maternal child health and family services centre, and 500 underground car parks for market customers.
The QVM development sits opposite the original markets, within the Queen Victoria Market precinct, and on the corner of Queen and Therry Streets.
Retail
Joining already the already opened Rewine wine bar, Colliers said the new tenants to join the first stage include St ALi (70.8 square metres), the Brick Lane Tavern (712 square metres), Only Mine Chocolates (34 square metres), Moonfishh (43.7 square metres), and Market Lane Coffee (29 square metres); Rewine spans 62.9 square metres of retail space at QVM.
Rents across the first stage ranged from $800 per square metre per annum gross, to double that at $1600. Colliers also said lease terms were between five and ten years.
“Queen Victoria Market is undeniably the heart and soul of Melbourne. The Munro Development will complement the current market offering with an additional 1,800-plus square metres of retail and hospitality, expanding on the Market’s 140 years of on-site trading history,” said Colliers’ Jennifer Tai.
The QVM development will see 19 new retail tenancies added to the Queen Victoria Market precinct across two buildings, and the creation of a new Melbourne food and beverage precinct.
“Through the strategic curation of the retail offering, the Munro Development will showcase the cultural diversity and character of Melbourne to act as a true representation of what makes our city great,” said Colliers’ Adam Lester.
Stage two of Munro’s QVM development is expected to be completed later this year, with the leasing of over 800 square metres over eight tenancies now in progress.
“Established in 1878, Queen Victoria Market is the longest running market of its scale and diversity in Australia,” said Stan Liacos, Chief Executive Officer, Queen Victoria Market.
“This iconic National Heritage Listed landmark is home to a diverse collection of over 600 small businesses which consists of 140 tenancies, 450 market stalls and over 100 Night Market traders. Over the years, Queen Victoria Market has solidified its significance as a major attraction in the City of Melbourne.”
“The Munro Development will expand and enhance the market’s hospitality offerings to address an area of great new opportunity. The addition of several new dining tenancies and niche retail will build on the vibrant authentic offering of our great market – by day and night.”
Accessibility to the market will be further enhanced with features such as improved accessibility by train, tram, increased provision of space for walking and pedestrian activity, improved provision for cycling and safer intersections.
Construction of Stage 2 is well underway with completion scheduled for late 2022.
