THE City of Melbourne last week said it will consider proposals from leading property developers Cbus Property, Hansen Yuncken and PDG Corporation to redevelop the council-owned Munro site in the Queen Victoria Market (QVM) precinct.
Lord Mayor Robert Doyle said the parcel of land, at the corner of Queen and Therry streets, was of vital strategic importance to Council’s vision for market renewal. The council unanimously agreed to publicly identify the three bidders who submitted proposals for the site.
“The City of Melbourne purchased this strategic site in October 2014 for $76 million to create a mixed use development,” the Lord Mayor said.
“This is a rare opportunity for the private sector to partner with Council to deliver an exemplar mixed-use development with all the hallmarks of what we consider smart development: residential apartments, including affordable housing, childcare, family services, commercial and retail uses and the latest in environmental sustainability.
“There is significant public interest in the Queen Victoria Market project and we believe it is important to be transparent with the community about the renewal of this iconic site. In 2013, Council committed to the largest investment in its history: up to $250 million to renew the Queen Victoria Market. The development of this site will help fund the renewal program.
“The City of Melbourne has a proud track record of delivering major projects in partnership with leading developers such as QV, Drill Hall, Boyd High School and City Square. This project is one of the first in a series of renewal works that, depending on their scope, could generate 9000 new jobs at the market, 12,000 jobs in the precinct and thousands of construction jobs.”
An evaluation panel comprising representatives from the City of Melbourne and Queen Victoria Market Pty Ltd management will evaluate the bids over the next few weeks. The panel has access to advice from subject matter experts in design, planning, finance, law, sustainability and governance, as well as several other fields.
The City of Melbourne expects to execute a Development Agreement with the successful bidder in mid-2016. The City of Melbourne purchased the strategic property at the corner of Queen and Therry streets in October 2014 for $76 million to create a mixed use development.
In addition, Planning Scheme Amendment C245 has been prepared and publicly exhibited following completion of Council’s Queen Victoria Market Renewal Master Plan. Community consultation on Planning Scheme Amendment C245 concluded earlier this month and Council is reviewing public submissions.
Source: News Release, Urbanalyst, 21 December, 2015