Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $5
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • Exclusive Masterclass access. Part of Retail Week 2021
×

Construction underway at Melbourne’s most iconic market

Construction is well under way on the Munro Development alongside the beloved Queen Victoria Market and leasing agent Colliers report there’s strong interest from existing and new retailers in the vibrant new shopping precinct.

Colliers have been appointed by PDG Corporation and Queen Victoria Market Pty Ltd (on behalf and in association with the City of Melbourne) as the leasing agent for the ‘Munro Development’ at 91–111 Therry Street.

Lord Mayor Sally Capp said the construction of the hospitality and retail stores at the Munro development is due to be completed later this year.

“Tradies are on site doing the fit-out work for the commercial shopfronts at Munro and the 500 space QVM customer car park is on-track for completion in the middle of the year,” the Lord Mayor said.

“The Munro Development and the restoration of the heritage sheds is creating 500 jobs for Melburnians, who are working hard every day to make the market even better. 

“This is a $70 million investment in community facilities including 48 affordable housing units, community meeting spaces and 2500 square metres of open space and laneways.

“Major projects such as the Queen Victoria Renewal are critical to supporting Melbourne’s economic recovery from COVID. Having hundreds of construction workers on the Munro site has helped to bring back the buzz to the city and they also support many local cafes, restaurants and shops.”

The mixed-use site also includes a new boutique hotel and 490 residential apartments which are scheduled for completion by the end of 2022.

A new 1.75-hectare open space will be created alongside the market, adding another major drawcard to the precinct. 

Stan Liacos, Chief Executive Officer, Queen Victoria Market said, “Queen Victoria Market has been providing Melburnians with fresh produce and merchandise for more than 140 years.“

“With the highest concentration of fresh produce traders in Australia, the Market provides a bounty of fresh meats, seafood, fruit and vegetables and deli goods sourced from across Victoria and Australia as well as a range of locally made and sourced gifts, homewares, fashion and specialty goods. 

“The gradual easing of restrictions has come as welcome news to the Market, particularly the reopening of non-essential retail, the easing of requirements around events and importantly, the return of CBD office workers. 

“While we are continuing to see a steady increase in visitation to the Market, with the gradual and safe return of our iconic Night Market series, cultural festivals and events at our day Market, plus the return of more CBD office workers we are hopeful we will continue to see further increases in foot traffic.“

Adam Lester, Associate Director, Colliers said, “The response we’ve had from both existing Market retailers and established CBD operators to the Munro Development has been outstanding. With so much positivity coming back into the CBD, businesses are demanding prime retail space to ensure they can take advantage of the climbing consumer spending which is now just about on par with pre-lockdown levels.”

“Taking the reputation that the Market’s built over its long history and incorporating a brand new hotel and high end residences, a premium retail offering is a fantastic new addition to kick off this vast precinct that will continue to develop over the next decade.”

“The caliber of retailers who have submitted interest to date is a great indicator that the confidence has come back to the Melbourne retail market and we’re excited to see this Melbourne icon continue to deliver an unforgettable retail experience to visitors both locally and international for many years to come”

The Munro Development will feature modern laneways that will provide new entry points into Melbourne’s most diverse marketplace. Paying respect to the rich history of one of Australia’s most recognisable retail icons, the Munro Development and the associated Queen Victoria Market Precinct Renewal will ensure the continued success of Australia’s most iconic market.

For more information please contact:
Margaux Creagh, PR and Communications Manager
+61 432 761 664
Margaux.Creagh@colliers.com