Greenline project to deliver $740m net economic benefit to Melbourne

Plans to build a version of New York’s High Line Park in Melbourne are a step closer after finance experts weighed in on the project.

Greenline’s proposed River Park Precinct. Picture: Supplied

Lord Mayor Sally Capp’s ambitious Greenline project will deliver a $740m net economic benefit to Melbourne over 20 years, says a new report.

As the City of Melbourne released new images of the $300m proposal for a riverside linear park, the much anticipated business case gave a glowing assessment of its expected economic, social and environmental benefits.

A render of Greenline’s Maritime Precinct. Picture: Supplied

Done by consultants Ernst & Young, the report said Greenline would address the existing lack of attractions and experiences on the Yarra’s north bank between Birrarung Marr and Bolte Bridge.

“Completion of the Greenline project delivers the greatest benefits through higher economic impact from visitation, and economic and commercial activity, (creating) significant benefit for many commercial businesses such as Crown Casino, Melbourne Aquarium and various bars and eateries along the Yarra River,” it said.

The report said the 4km-long project would reap a triple return on the investment, generating an estimated $1.2bn in total economic benefits for Melbourne’s economy over 20 years.

Net benefit would be $740m, with more than 3400 jobs created during construction, and more than 6400 ongoing jobs by 2042.

The city council has so far committed $140m to Greenline, including $20m from the Albanese Government, however it needs to find another $160m, with the state government yet to commit.

Ms Capp – who proposed Greenline after visiting New York’s High Line park – said the business case showed the project stacked up, “delivering $3 for every dollar invested”.

“We need to be ambitious – and this is exactly the sort of project Melbourne needs to grow, drive investment, and cement our position as Australia’s most liveable city,” she said.

An image of how Salt Water Wharf Precinct might look. Picture: Supplied

Lendlease, which has responsibility for the Saltwater Wharf precinct near Bolte Bridge, praised Greenline as a landmark destination that would rival experiences across global cities.

“The City of Melbourne’s vision will showcase the best of our waterfront while promoting environmental sustainability, and will encourage visitors to explore our city and celebrate our Aboriginal heritage and culture,” said Lendlease managing director development, Tom Mackellar.

“We look forward to partnering with the city in realising their vision for Greenline as part of our Victoria Harbour precinct renewal development.”

Greenline will have five precincts: Birrarung Marr, The Falls, River Park, Maritime and Saltwater Wharf.

The project is tipped to attract $1.9bn in new private sector investment, create $250m in social value, preserve 11 heritage sites, and display Aboriginal stories for “truth-telling and identity”.

Victorian Chamber of Commerce and Industry chief executive Paul Guerra has previously questioned the viability of the project.

“We will review the business case and may arrive at a position on the project in due course,” he said.