The City of Melbourne has called for a “best and final offer” from the two groups bidding to become preferred developer of the prime 6329 square metre Munro site near the Queen Victoria Markets, one of the last freehold development sites in the CBD.
Cbus Property and PDG Corporation have been asked to present their final bids to the council in April for a mixed-use development set to include residential apartments with affordable housing, retail, community facilities and customer car parking.
“The City of Melbourne has conducted a rigorous process in order to get the best development outcome for this iconic site and I look forward to working with the successful developer to deliver on Council’s vision for an exemplar mixed-use development,” Lord Mayor Robert Doyle said.
“The Munro site is a vital component of the Queen Victoria Market project. Council has invested heavily, having purchased this strategic site in October 2014 for $76 million and committed up to $250 million for renewal of the Queen Victoria Market Precinct.”
An evaluation panel comprising representatives from the City of Melbourne and Queen Victoria Market management will evaluate the best and final offers. The panel has access to advice from subject matter experts in probity, design, planning, finance, law, sustainability and governance, as well as several other fields.
The City of Melbourne expects to execute a development agreement with the successful bidder in mid-2016.