Queen Victoria Market precinct site sells to Melbourne City Council after 104 year wait
Melbourne City Council has secured the $76 million purchase of a 6462-square-metre property site opposite the Queen Victoria Market, although there were bids above $80 million from offshore buyers.
The vendor Robert Munro's family had owned the Munro site, as it's known, for 104 years.
The Queen and Therry Street warehouse industrial property last sold in 1910 when bought by Robert Munro’s grandfather James Munro for 19,000 pounds from McEwen’s Hardware Co. The property has been retained by his family ever since, with the exception of occasional sales of smaller components such as the site now occupied by McDonalds on Elizabeth Street, in 1989.
Ironically, the under-bidder for the site in 1910 was the Melbourne City Council who bid 15,000 pounds.
According to marketing agents Clinton Baxter and Nick Peden of Savills, the property offers development potential virtually unrivalled and no longer obtainable within the Melbourne CBD.
With 160 metres of main street frontage directly opposite the world famous Queen Victoria Market, the property has Capital City 1 zoning.
"This property represents the single best redevelopment opportunity to be offered to the Melbourne market in many years.
"The most significant in 20 years,’’ Mr Baxter said.
“We were inundated with interest from across Asia, and in particular Mainland China, but after significant consideration, the vendor family elected to leave a legacy by selling to the City of Melbourne at a discount to higher bids.
"The family is keenly aware of its 104 year history at the site and decided that its future was best handled by the City of Melbourne.”
It was bought from McEwan’s hardware business for the Munro family to run its automotive, manufacturing and spring businesses after James went to Paris to secure the agency for Clément-Bayard cars.
The sale adds a major element for the unfolding Town Hall plans to revitalise the market precinct.
The council will control the site eventually bringing in a private sector developer.
Commentators suggests buying the Munro site ought allow the council to convert the existing car park into public open space.
Five of the top six bids for the property were from mainland Chinese developers.
