Lendlease Unveils $1.7bn Queen Victoria Market Precinct Plan

Lendlease has unveiled its plans for the urban renewal project at Queen Victoria Markets after it was announced as City of Melbourne’s preferred development partner. 

The $1.7-billion project on the 3.2ha site bordered by Franklin, Queen and Peel streets is the largest urban renewal project undertaken by the City of Melbourne. 

The project would comprise three new buildings on the site south of the Queen Victoria Markets car park, to be known as Gurrowa Place. 

Subject to planning and heritage approvals, plans for the precinct include a 43,000sq m 28-storey commercial building, 560 build-to-rent apartments with an affordable housing element, and an 1100-bed student accommodation building to be developed by Scape. 

Lendlease would also deliver a 1.8ha public park and the restoration of the heritage Franklin Street stores. The developer would also be responsible for the delivery of a 220-space basement car park and a civic pavilion, Queen’s Corner Building. 

Lendlease managing director of development Tom Mackellar said the project was a “once-in-a generation opportunity to be part of one of Melbourne’s most iconic and beloved landmarks”.

“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,” Mackellar said. 

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

▲ The plans include a civic building and 220-carpark basement for visitors to the precinct.

Lendlease would act as develop and construction partner for the project, while Scape would develop and deliver the purpose-built student accommodation component. 

City of Melbourne lord mayor Sally Capp said the landmark project was a strong sign of confidence in the Melbourne market. 

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

“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 chose Lendlease as the preferred developer to deliver the $1.7-billion urban renewal project.

Sustainability will be a key focus for the urban renewal project with all-electric commercial and residential buildings, targeting carbon neutral operations, and prioritising carbon reductions in material procurement. 

The office will be targeting a 6 Star Green Star Buildings v1 Rev B rating, and the residential buildings will target a 5 Star Green Star Buildings v1 Rev B rating.

The project is expected to generate in excess of $14 million of direct social investment through various employment, training and social enterprise initiatives and is expected to contribute more than $1 billion in value to Melbourne’s economy.

The developer is planning to begin construction early next year, with completion slated for 2028.