Plan to transform Queen Victoria market approved by state government

A massive plan to transform Queen Victoria Market with high-rise office and apartment buildings is set to “revitalise” the iconic site.

An artist’s impression of the Queen Victoria Market redevelopment. Picture: supplied

A $1.7b plan to transform Melbourne’s Queen Victoria Market has been approved by the state government.

Development giant Lendlease has been given the green light to dramatically revamp the southern site of the historic Market precinct with the “Gurrowa Place” project.

It will revitalise a 3.2ha site, bordered by Franklin, Queen and Peel streets, with new commercial, residential, retail and public open space.

A 28-storey office building, 560 build-to-rent apartments, an 1100 unit student tower, underground carpark and 1.8ha public park to be known as Market Square form part of the plans.

Thousands of residents are set to move into new towers around the market. Picture: supplied

Planning Minister Sonya Kilkenny said open spaces, cycling paths, shops along a restored Franklin St.

Stores and a community and cultural space fronting Queen Street will also be opened.

“Building more quality homes around places like the iconic Queen Victoria Market means more Victorians can benefit from our thriving, liveable and vibrant capital city, with thousands of jobs nearby,’’ she said.

Early excavation work will create carparks on the basement of the project’s towers.

Lord Mayor Sally Capp said: “Gurrowa Place will become home to thousands of new residents, attract more market customers and boost business for traders – while unlocking one of the largest open spaces in the CBD.”

The development will include open spaces, cycling paths and shops along a restored Frankline St. Picture: supplied

The project, to be completed by 2028, will be a partnership between the council, Lendlease and student accommodation giant Scape.

Lendlease global chief executive Tony Lombardo said it “represents an enormous opportunity to revitalise one of Melbourne’s most-loved precincts with new public space, retail, office and housing.’’

“With construction expected to commence in the coming months, we’ve commenced discussions with capital partners interested in working alongside Lendlease and our stakeholders to bring the project to life on behalf of Melburnians.’’

“Gurrowa”, 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.