$1.7bn Queen Victoria Market renewal to be carried out by Lendlease

The final piece in the Queen Victoria Market Precinct Renewal program in Victoria will soon become a reality as the City of Melbourne partners with Lendlease to develop the Southern Precinct. 

Lendlease will be undertaking the delivery of the $1.7 billion project, which is the largest urban renewal project carried out by the City of Melbourne. 

The redevelopment project will cover about 3.2 hectares of land bordered by Franklin, Queen and Peel streets. The Southern Precinct will include three new buildings which will be known as Gurrowa Place. Gurrowa means ‘a place of exchange and interchange’ to the Wurundjeri Woi-wurrung People, the Traditional Custodians of the Country where the Queen Victoria Market stands. 

Gurrowa Place is set to feature a 28-level next generation office building that will add about 43,000-SQM of new workplace space, subject to planning and heritage approvals. 

The more than one-billion-dollar project will also deliver diverse housing options including 560-units as build-to-rent residential apartments and affordable homes as well as approximately 1,100-bed building for student accommodation to be developed by Scape. 

“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. 

“The creation of Gurrowa Place begins the next chapter in the evolution of Queen Victoria Market. It will celebrate the rich history of the place, while introducing new spaces for the community and a vibrant precinct that welcomes locals and visitors. 

“Lendlease looks forward to working alongside the City of Melbourne, Scape and all project partners, and the community to deliver a reimagined precinct that preserves the heart and soul of this Melbourne landmark while ensuring it continues to thrive,” Lendlease Managing Director of Development Tom Mackellar said. 

Artist impression of Gurrowa Place (source: City of Melbourne)

In addition, Lendlease will deliver several components of the redevelopment that will be retained by the City of Melbourne, including: 

• On the ground plane, a proposed 1.8-hectare public park which will be known as Market Square and create an inclusive space for the community to connect 
• The restoration of the existing heritage Franklin Street Stores into a new retail village will add to the city’s hospitality culture and complement the Queen Victoria Market’s offering 
• A new 220-space basement car park will also be created for visitors and traders underneath the southern site, along with a civic pavilion, known as the Queen’s Corner Building, that is envisaged to become the cornerstone of the precinct 

Lendlease is collaborating with the Wurundjeri Elders to develop the precinct design that draws inspiration from a time before Melbourne and will honour the site’s history, including the reintroduction of native plants that once existed on site. 

In the conceptualisation of the proposed development scheme for the site, Lendlease worked with NH Architecture, Kerstin Thompson Architects, 3XN Australia and Searle x Waldron Architecture, in conjunction with Openwork and McGregor Coxall. 

Artist impression of Gurrowa Place (source: City of Melbourne)

Sustainability is at the forefront of this redevelopment project, prioritising carbon reductions in materials, operation and construction while also creating urban habitats that support biodiversity via an on-site greenery. 

The all-electric commercial and residential buildings are going to be powered by renewable electricity and will pursue carbon neutrality in operation. The commercial building will target a 6 Star Green Star Building v1 Rev B rating while the residential building targets a 5 Star Green Star Building v1 Rev B rating. 

The Southern Precinct project is estimated to generate more than $14 million in direct social investment through employment, training and social enterprise initiatives and is anticipated to inject over $1 billion into Melbourne’s economy. 

Construction is due to commence in early 2024 and be completed in 2028, subject to planning approval. Works will focus on delivering the car park, Market Square and the Queen’s Corner Building as part of the early development stage of the project. 

“This landmark project is a strong sign of confidence in Melbourne as a destination for investment, workers, residents and visitors. 

“This $1.7 billion project will deliver connected office space, student housing, affordable housing and more parking for market customers. 

“We know this investment will attract thousands of new residents, workers and visitors, all while boosting business for traders. 

“We’re proud to partner with Lendlease to deliver on our commitment to secure the market’s future and maintain a focus on parking for traders and customers,” City of Melbourne Lord Mayor Sally Capp said. 

Source: Lendlease; City of Melbourne; Inside Construction