Melbourne’s Queen Victoria Market to undergo $1.7 billion revamp

The Victorian government has approved plans for a $1.7 billion redevelopment of Melbourne’s iconic Queen Victoria Market precinct.

Minister for Planning Sonya Kilkenny announced the approval of planning permits for the mixed-use development, which aims to revitalise the historic site.

The project, a partnership between Lendlease, Scape and the City of Melbourne, will deliver around 560 build-to-rent apartments, with 15 per cent allocated for affordable housing.

“This project is delivering hundreds of new homes in the heart of Melbourne, giving more Victorians the opportunity to live close to jobs, transport, and services,” Kilkenny said.

Student housing provider Scape will also construct 1,100 beds for university students as part of the development.

The redevelopment aligns with the Labor government’s Housing Statement target to build 800,000 new homes over the next decade in areas close to jobs, transport and services.

In addition to housing, the project will create more retail space along a restored Franklin Street and a new community space facing Queen Street.

A 1.8-hectare public park, named Market Square, will serve as a central gathering place for community events and activities.

Lord Mayor Nick Reece described the development as a landmark project for Melbourne.

“Gurrowa Place will be a landmark development for our city – creating a new precinct that will enrich the iconic Queen Victoria Market, bring high-quality and affordable housing into this growing neighbourhood, and help the City of Melbourne meet its housing targets,” Reece said.

The government emphasised that stringent heritage controls will be maintained to preserve the market’s unique character, which dates back to 1878.

The redevelopment aims to attract new residents, workers, customers and visitors to the area while safeguarding the market’s status as an iconic social and cultural landmark.