Lendlease to announce $1.7 billion Queen Victoria Market revamp plans

Residential and office towers will be built in the market precinct as developers announce plans for a $1.7bn makeover of the tired site.

An artist’s impression of the $1.7 million Queen Victoria Market redevelopment. Pic: supplied

New plans for Queen Victoria Market will see three major buildings and a city square constructed on the tired southern side of the iconic Melbourne site in a $1.7bn revamp.

Developer Lendlease will on Wednesday be announced as builder of a huge market redevelopment expected to create more than 4000 jobs and $1bn in economic activity.

Build-to-rent apartments, affordable housing, student accommodation and offices will be housed in the three towers built at a precinct to be called “Gurrowa Place”.

Ground floor shops and laneways will form part of the biggest mixed use redevelopment the City of Melbourne has seen, aimed at activating a lesser used part of the precinct.

A 1.8ha “Market Square’’ — one of the biggest open spaces in the city — will also be announced for a site now used as an open-air car park.

And a new underground car park beneath two of the towers will provide 220 spaces for market customers, and 300 spaces on weekends.

Lord Mayor Sally Capp said it would transform the 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.”

The carpark will be transformed into a public square. Picture: Supplied

The three buildings, up to 175m high, will overlook the market precinct, Flagstaff Gardens and CBD.

A cascading, office and retail building will be built over 28 “next-generation” sustainable levels with 43,000 sqm of workplace.

The middle build-to rent building will spread across 46 levels, with about 560 residential apartments and 15 per cent affordable housing.

And the student tower, with about 1100 units, will be the tallest of the three buildings over 49 levels.

“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,’’ Ms Capp said.

“Traders will benefit from more customers and activity, with every dollar of this sale reinvested into the preservation and renewal of the precinct.”

Three high-rise towers would be built at the southern end of the market precinct. Picture: Supplied

The name of the precinct, meaning place of exchange and interchange, pays tribute to the Wurundjeri Woi-wurrung People, traditional custodians of the country the Queen Victoria Market sits on.

Lendlease development managing director Development Tom Mackellar said the “reimagined precinct” would preserve “the heart and soul of this Melbourne landmark while ensuring it continues to thrive.”

“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,’’ he said.

Subject to planning approval, construction is expected to start early next year and

be complete in 2028, with a focus on completing the car park and Market Square first.

A deal was struck with the state government in 2014 to transfer the site to the council to be sold, with all funds reinvested in the market’s renewal.