New offices and retail space planned for Melbourne
Melbourne's legal precinct is going to be redeveloped into premium office suites and apartments after 20 years of standing vacant.
Victorian planning minister Matthew Guy has granted a permit for the project, which will see 189-203 William Street transformed into office, ground floor retail, parking and residential space.
As well as being close to law courts and barristers' chambers, the site is near Melbourne's central business district, the Queen Victoria Market and Flagstaff Gardens, making it prime real estate.
Guy said: ''The refurbishment of the existing buildings will reinvigorate this prominent part of the central business district.''
''The development is expected to attract the legal fraternity.''
Also due to be upgraded is Guests Lane, which links Bourke Street and Lonsdale Street to allow easier passage by pedestrians and ''continue Melbourne's great laneway lifestyle''.
This project, which is making a formerly vacant lot usable, may be an indication of a healthy demand for commercial property in Melbourne.
According to the Victorian government, Melbourne is the most affordable Australian capital city for those who want to rent an office.
This along with the fact that it is a major business centre provides would-be investors with reasons to consider commercial investment opportunities in the city.