Commercial property 'boom' earmarked for Melbourne
The Victorian government has approved the development of a multimillion-dollar office building in ...
The Victorian government has approved the development of a multimillion-dollar office building in the heart of Melbourne - a project which may attract the interest of commercial property investors.
Planning minister Matthew Guy said the $190 million earmarked for 272 Queen Street would ensure Melbourne remains a world-class city with a thriving commerce centre.
"This prominent corner of our central business district will be transformed into a majestic location for a range of businesses, with employment opportunities for up to 2,000 people," Mr Guy remarked.
"The redevelopment site is located in an evolving area where planning policy encourages development that supports a vibrant and economically competitive central city, while making efficient use of existing infrastructure."
The development, which will support Melbourne's growing business district, is likely to be of interest to those looking for commercial office property in the Victorian capital.
The minister said an additional 30,000 people are expected to work within Melbourne's CBD by 2026 - reinforcing the need for major developments such as this one, he added.
The Victorian government is currently working on a new Metropolitan Planning Strategy, which will help shape the city's future and ensure it meets projected growth.