State Government Agreement
To support the Queen Victoria Market Precinct Renewal program, the Victorian Government and the City of Melbourne entered into a formal agreement in 2014 to transfer some Crown land south of the Franklin Street stores to the City of Melbourne subject to delivery of a range of obligations across the precinct.
Freehold land will be created as a result of the land transfer, providing opportunities for mixed-use development to add to the vibrancy and potential of the area. Funds secured through the development of this land will be reinvested into the Queen Victoria Market as part of the Queen Victoria Market Precinct Renewal program.
Following the People’s Panel deliberative engagement process resulting in a number of changes in the delivery of the market renewal program, the State Government agreed to vary some of the components to be delivered and the timing commitments with a new agreement executed in 2020.
Key obligations include:
- Restore the market’s heritage sheds and buildings.
- Deliver infrastructure for the market, including improved logistic infrastructure, storage, waste management, customer facilities and market trader facilities and amenities.
- Convert the existing Queen Victoria Market car park into high quality public open space in two phases, commencing in mid 2021 with completion of 500 new carparks in the Munro development.
- Provide a broader range of new retail, hospitality, events and community spaces offerings across the precinct.
- The intersection of Queen and Therry Streets to be transformed into a new public meeting space that can host markets, festivals and provide enhanced customer amenity, including additional seating.
- Upgrade streetscapes adjoining Queen Victoria Market (Elizabeth, Peel, Queen, Therry and Victoria streets) incorporating best practice urban design, improved paving, tree planting and public transport infrastructure and connections.
- Construct the Queen’s Corner Building to accommodate municipal purposes, market purposes or retail and hospitality purposes complementary to the market and adjoining public open space.
- Reconfigure land parcels, including the retained Franklin Street stores and portions of the Franklin Street road reserve to create mixed-use development sites.
- Removal of the requirement to construct New Franklin Street between the Franklin Street stores and proposed new Market Square and new obligation to create a bike path connection between Dudley and Franklin streets.