Docklands shines as Australia's top urban renewal precinct

From the Minister for Planning

Thursday, 13 December 2012

Media Release - From the Minister for Planning

Docklands continues to strengthen its position as Australia’s preeminent urban renewal precinct following today’s announcement of a combined $330 million investment in two new commercial buildings.

Planning Minister Matthew Guy has approved the development of two commercial buildings, located in Collins and Bourke Streets, a sign of confidence in the future of the Docklands precinct.

“Docklands is cementing its place as one of the preeminent commercial and urban renewal precincts in Australia,” Mr Guy said.

“These developments will stimulate continued growth in the Docklands commercial centre and will deliver substantial flow-on benefits to the Victorian economy through new construction activity and new jobs upon completion.”

These two new developments will add an additional 120,000 square metres of office space into Docklands, with development expected to commence in early 2013.

Building Y3, located at 839 Collins Street, is a $170 million, 21 level investment located at Victoria Harbour in the heart of the financial district. Primarily office accommodation, the building will also include premium ground floor retail space.

A mixed-use development and future headquarters for Medibank Private at 706-738 Bourke Street will inject a further $180 million into Docklands and will add to the commercial and retail activity around Etihad Stadium.

“These two developments add significant commercial and retail floor space to Melbourne, create jobs in a central area and are supported by existing infrastructure and transport. Today’s announcement reinforces the work the Coalition Government has delivered to secure Docklands as Victoria’s prime location for commercial investment,” Mr Guy said.

“Docklands continues to make a valuable contribution to the Victorian economy and these two developments complement the $300 million community infrastructure plan announced earlier this year.”

Development on both sites is expected to commence in early 2013.

Media contact: Rachel Obradovic 0400 916 830