Expressions of Interest are open to develop vacant transport land at Treasury Square, in Melbourne’s CBD to create new jobs.
The site is located on the southern side of Flinders Street next to the rail corridor and spans between Exhibition and Flinders streets, and Wellington Parade South.
The Victorian Government has opened the land for development to provide space for offices, new hotels or apartments in the heart of the city, close to public transport.
Victorian Treasurer Tim Pallas said the site offers more businesses the chance to relocate to Melbourne’s CBD, where space is tightly held and at a premium.
“Redeveloping the site puts it to better use, we’re looking forward to seeing how developers envision transforming this site,” he said.
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Revenue generated from the sale of the land will be invested into the Victorian Government’s $70 billion pipeline of major transport infrastructure.
Transport Infrastructure Minister Jacinta Allan said the site has the potential to transform the eastern edge of the CBD, cementing Melbourne’s place as a global hub to do business.
“We’re getting on and delivering $70 billion worth of new transport infrastructure across Victoria,” Allan said.
“Developing this prime piece of CBD real estate will allow us to continue investing in the transport services Victorians need.”
The expression of interest will be run by Colliers International and EY in conjunction with VicTrack and is open until Friday 8 November.
Managing Director of Capital Markets & Investment Services Colliers International John Marasco said Treasury Square provides a rare opportunity to deliver a mixed-use development in Melbourne’s most valued commercial, residential and hotel precinct.
“This is placemaking on a global scale. This is an opportunity for a visionary developer to make their mark on the landscape of the Melbourne CBD into the future,” he said.