The Andrews Labor Government is getting on with redeveloping Melbourne’s North Wharf precinct, to provide more residential developments and liveable spaces for the community.
Minister for Finance Robin Scott announced the Government has sold the land at North Wharf to the existing tenant Asset 1 WTH Pty Ltd – part of the Riverlee Group – for $28.5 million.
“The North Wharf precinct has laid dormant for far too long and remains the final piece of undeveloped land along the North Bank," said Minister for Finance Robin Scott, “the North Wharf precinct has laid dormant for far too long and remains the final piece of undeveloped land along the North Bank.”
“This sale will fulfil the Government’s long-term vision to create a new social hub and waterfront destination for Victorians to enjoy.”
“Connecting this crucial link between Docklands and the Yarra’s North Bank will attract more tourists, businesses, eateries, and jobs to the promenade.”
Asset 1 will build a waterfront residential and retail development and refurbish the historic wharf and goods shed at the western end of the precinct, beyond the historic Mission to Seafarers building. The development will link up with the new Jim Stynes Bridge.
The heritage listed Shed 5 will also be renewed, along with the wharf and overhead crane, providing a new public open space on the adjoining land. Work is expected to commence in early 2016.
This sale is another step towards the Labor Government's long term vision to revitalise Melbourne's North Bank promenade as a place for the community to enjoy.
The North Wharf area has long been inactive, and has previously been labelled as the missing link between Melbourne's North Bank and Docklands.
The lands sale price was assessed by the Victorian Valuer General and the sale process endorsed by the Government Land Monitor.
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