City of Melbourne have removed two entrants from the race to secure the right to develop the prized Munro site which forms part of the Queen Victoria Market redevelopment. Located at the corner of Queen and Therry streets, the development site which is expected to accommodate a 200 metre residential tower is now a race of three.
Alongside entrenched developers PDG Corporation and Cbus Property, Hansen Yuncken has been named as the third vested party with a chance to partner with City of Melbourne on the project. Traditionally a construction contractor, Hansen Yuncken shapes as the surprise contender of the trio given they have not made their reputation as a developer.
After City of Melbourne purchased the site for $76 million during late 2014, the wheels are now in motion to deliver a landmark development.
This is a rare opportunity for the private sector to partner with Council to deliver an exemplary mixed-use development with all the hallmarks of what we consider smart development: residential apartments, including affordable housing, childcare, family services, commercial and retail uses and the latest in environmental sustainability.
There is significant public interest in the Queen Victoria Market project and we believe it is important to be transparent with the community about the renewal of this iconic site. In 2013, Council committed to the largest investment in its history: up to $250 million to renew the Queen Victoria Market. The development of this site will help fund the renewal program.Lord Mayor Robert Doyle
An evaluation panel will sit into early next year in order to consider the merits of the three bids. Design, planning, finance, law, sustainability and governance, as well as several other fields will determine which bid will be victorious although City of Melbourne expect a final development agreement will not be in place until mid 2016.
As seen above the expected tower is located adjacent to a section of the CBD which is under intense redevelopment. Nine towers in excess of 200 metres in the immediate vicinity are in development with only Vision Tower close to completion. Proceeds from the mixed-use Munro development will aid City of Melbourne in financing the remainder of Queen Victoria Market's overhaul.
With 15 years of progressive expansion under their belt, PDG Corporation are no strangers to large scale projects with Prima Pearl on Southbank the jewel in their crown. Cbus Property too have embarked upon numerous large Melbourne developments although they of late have swung their attention to residential projects with a stable of current and upcoming developments in progress.
Hansen Yuncken which was first established in Melbourne during 1918 is one of the nation's major construction firms. Their current noteworthy build in Melbourne is the revamp of the Royal Victorian Eye and Ear Hospital, although previous projects have included high-end builds such as Council House 2, Aerial Camberwell and the recently completed $126 million Deakin University Burwood Highway Frontage Building.