Lendlease secures approval for Gurrowa Place, $1.7 billion Queen Victoria Market redevelopment
Lendlease has secured formal approval for Gurrowa Place, their $1.7 billion redevelopment of the Queen Victoria Markets in the heart of Melbourne.
The approval follows last week’s execution of contracts between Lendlease, student accommodation provider Scape, and the City of Melbourne for the major urban regeneration project.
Lendlease has also received planning permits for early works with construction expected to commence in the coming months, pending final approvals.
Gurrowa Place, which is part of the largest urban renewal project undertaken by the City of Melbourne, will revitalise the QVM precinct’s 3.2-hectare southern site, bordered by Franklin, Queen and Peel streets, with new commercial, residential, retail, and public open space.
Across three new buildings, Gurrowa Place will feature a 28-storey next-generation workplace, around 560 build-to-rent apartments with 80 affordable homes, and 1,100 student residences to be managed by Scape.
The approved plan includes a 1.8-hectare public park which will be known as Market Square designed by the City of Melbourne in collaboration with Lendlease, and the restoration of the existing heritage Franklin Street Stores into a new retail village to complement the QVM offering.
A 220-space basement car park will also be delivered for visitors and traders.
The site’s history has been honoured after extensive consultation with Wurundjeri Elders, with the name ‘Gurrowa’ meaning a place of exchange and interchange to the Traditional Custodians of the Country on which the Queen Victoria Market resides.
Lendlease is acting as development and construction partner for the commercial and build-to-rent towers, with Scape acting as the developer of the student accommodation.
The project is expected to be completed in FY28.
Tony Lombardo, Global CEO of Lendlease, says the $1.7 billion Gurrowa Place project represents an enormous opportunity to revitalise one of Melbourne’s most-loved precincts with new public space, retail, office and housing.
“With construction expected to commence in the coming months, we’ve commenced discussions with capital partners interested in working alongside Lendlease and our stakeholders to bring the project to life on behalf of Melburnians," Lombardo said.
“Achieving the twin milestones of contract close and development plan approval underscores the significant momentum right across our Australian business, Lendlease’s traditional growth engine, as we replenish our local pipeline of development projects and repatriate capital from offshore.”
City of Melbourne Lord Mayor Sally Capp said Gurrowa Place will become home to thousands of new residents, attract more market customers and boost business for traders – while unlocking one of the largest open spaces in the CBD.
“We’re one step closer to starting work to enhance the traditional market experience Melburnians and visitors know and love. This $1.7 billion vote of confidence from Lendlease is Council’s most significant partnership with the private sector – which will create more than 4,000 jobs and secure the market’s future.”