City of Melbourne Land Purchase

The City of Melbourne announced this morning that it has been the successful bidder in an EOI process for the purchase of properties at 93-141 and 143-151 Therry Street, 452-464 Queen Street and rear of 128-130 Franklin Street, Melbourne – a site often referred to as the Munro site This purchase price of $76,000,000 (plus transaction costs and taxes) was approved at a Special Council Meeting of 7 October 2014.

The City of Melbourne believes these properties to be of unprecedented strategic importance to the people of Melbourne and for the future of the Queen Victoria Market precinct. The City of Melbourne is confident that the longer term benefits of the purchase include significant civic and retail benefits alongside a sound financial investment.

We have been advised that Council was not the highest bidder, but that the vendor was interested in protecting the historical legacy of the site. During the EOI process, the City of Melbourne released design guidelines for the site. The purpose of these guidelines was to support a best practice approach for the development of this important site, consistent with the principles underpinning the renewal of the precinct. These guidelines set out preferred urban design outcomes, heritage considerations and suggested built form approaches. The guidelines do not replace the requirements as set out in the Melbourne Planning Scheme. They do not replace planning or heritage provisions or, the need to obtain all necessary approvals from the Responsible Authority.

This land has been held by the same family for over a century. As part of the City’s purchase, they have mentioned honouring the legacy of the Munro family’s history at this site.

Last October the City of Melbourne announced the largest investment in its history to renew the Queen Victoria Market, as we work towards creating one of the world’s great market precincts. This purchase opens up new possibilities for the QVM renewal process. This purchase extends the capacity to deliver on the promise to ensure that the Queen Victoria Market remains an essential part of Melbourne forever.