A State Government owned parcel of land called North Wharf - linking Melbourne's North Bank and Docklands - has been sold for $28.5 million.
Minister for Finance Robin Scott announced the Government has sold the land to the existing tenant Asset 1 WTH Pty Ltd – part of the Riverlee Group.
Asset 1 will build a waterfront residential and retail development worth $110 million 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.
“The North Wharf precinct has laid dormant for far too long and remains the final piece of undeveloped land along the North Bank," Mr Scott said.
“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.”
Work on the new development is expected to commence in early 2016.