Privately-owned developer Riverlee Group is one step closer to securing approval for its $450 million mixed-use development on the Yarra River.
The City of Melbourne’s Future Melbourne Committee announced its support for the revised scheme of the developer's Northbank Goods Shed project on Tuesday.
The project now awaits final approval from Victorian Planning Minister Richard Wynne.
The developer acquired the 13,200sq m Northbank Goods Shed site in 2015 from the state government for $28.5 million.
The proposal includes the restoration of the heritage-listed Goods Shed 5, maritime crane and timber wharf, which was built in 1895.
Designed by Fender Katsalidis with heritage consultants Lovell Chen, the development will feature a hotel, apartments, function centre, retail and a 3,500sq m public park. The original submission for a 14-storey building has been revised, with three levels added. The 17-storey tower will house a 180-room hotel and 250 apartments.
"On Tuesday evening our premier revitalisation project, Northbank Goods Shed, was given the tick of approval by City of Melbourne’s Future Melbourne Committee,” Riverlee development director David Lee said.
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“We are excited to see this site of such historical and social significance reach its next important development milestone, with the site now one step closer to becoming a new world-class waterfront precinct."
The public park component of the refurbishment will connect the missing pedestrian link between the Docklands and the Yarra River’s Northbank.
The site’s historic Goods Shed, “Shed 5”, will be restored and repurposed into a premium waterfront event space, celebrating the original roof trusses. The site’s heritage listed crane will also be retained and restored.
First constructed in 1895, approximately 220 metres of the wharf will be restored and structurally reinforced, which the developer insists will extend its lifespan for at least 50 years.
The plans include provisions to refurbish the wharf and opportunities to integrate a pontoon to promote waterfront activation.
Construction is not due to commence until the second quarter 2019.
*Editors' note – an earlier version of this article suggested that the development had been approved. A final decision on the project will be made by Victorian Planning Minister Richard Wynne.