The Australian government has given the green light for a substantial new housing development that is poised to reshape Melbourne's inner city, ushering in thousands of new residences while rejuvenating the historic Queen Victoria Market precinct.

Led by Lendlease, the $1.7 billion project will entail the construction of two residential towers, a student accommodation tower, and a low-rise civic structure adjacent to the market.

In total, the development will introduce over 2,200 new dwellings, comprising 1,100 apartments (including 130 designated as low-cost housing) and 1,150 student accommodations.

A pivotal aspect of the project involves the transformation of the market's current asphalt car park into a sprawling 1.8-hectare park.

This new green expanse will pay homage to the heritage of the Old Melbourne Cemetery, with stipulations tied to the approval aimed at safeguarding the market's character and legacy.

Senator Murray Watt, Minister for the Environment and Water, emphasized that the venture strikes a crucial equilibrium between heritage preservation and meeting Melbourne's housing demands.

“Through thoughtful design, this project will provide new and much-needed housing while ensuring this Melbourne icon can be enjoyed for many years to come,” Minister Watt said.

“The market will continue to provide its famous fresh produce for Melbourne families and visitors, as it has done continuously since 1878.

“This project will offer modern facilities to make the market more accessible and appealing to traders, customers and tourists alike, without impacting the amount of parking on site.

“And the development will provide significant heritage benefits for the Queen Vic Markets by restoring the historic Franklin Street Stores.”

Minister for Housing, Clare O'Neil, underscored the government's commitment to addressing Australia's housing challenges, highlighting the significance of this announcement.

“Housing is a life-defining challenge for so many Australians.

“People are working hard, doing everything right – and still can’t afford a place to call home.

“We’re working hard to make housing easier, and these 2,250 new apartments in the heart of Melbourne will make a real impact,” Minister O’Neil said.

O'Neil detailed the substantial increase in housing investments by the federal government, with 43billiondirectedtowardsthesectorinthreeyears,anotablesurgecomparedtothe43 billion directed towards the sector in three years, a notable surge compared to the 43billiondirectedtowardsthesectorinthreeyears,anotablesurgecomparedtothe5 billion over the preceding decade.

She elucidated that collaboration with industry and all government levels is crucial to expedite construction, as bolstering supply is paramount to enhancing affordability.

While lauding the progress made with this announcement, O'Neil cautioned against excessive regulations that could impede projects and escalate costs.

She emphasized the necessity of dismantling barriers to meet Australia's housing needs effectively, a core government objective.

With approvals now in place, the Queen Victoria Market project is being hailed as a significant urban renewal endeavour for Melbourne, promising sustainable housing growth while preserving one of the city's revered landmarks.

 

Source: Build Australia

 

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