The Victorian Government has shortlisted four groups to develop the Treasury Square site in Melbourne’s CBD after unprecedented interest.
The site sits on the south side of Flinders Street next to the rail corridor and spans the areas between Exhibition and Flinders streets and Wellington Parade South.
Expressions of Interest were opened last year with CBUS, Mirvac, Dexus/John Holland and Brookfield Property progressing to stage two of the sale process. The shortlisted companies will now enter the request for proposals stage.
The Victorian Government aims to have the vacant land developed to provide local jobs, attract new businesses and further activate the eastern edge of the CBD through increased office space, new hotels or apartments close to the city centre.
Victorian Transport Infrastructure Minister Jacinta Allan said the unprecedented interest for Treasury Square means the State Government is confident the land can be transformed into an asset for Melbourne.
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“Revenue from the sale of this land will be invested into the Victorian Government’s record transport agenda, delivering benefits for all Victorians,” she said.
“The Treasury Square site is in a prime location in Melbourne’s CBD, and development of the site opens up opportunities for businesses to relocate to the heart of the city.”
Colliers International Managing Director of Capital Markets & Investment Services John Marasco said the site was placemaking on a global scale and an opportunity for a visionary developer to make its mark on the landscape of Melbourne’s CBD.
“With a limited supply of land in the East End, Treasury Square provides a rare opportunity to deliver a landmark mixed-use development in Melbourne’s most valued commercial, residential and hotel precinct,” he said.