The iconic colonial-style buildings of the CBD are set to be demolished to make way for a new development with plans to replace them with apartments and retail.
Key points: The building of the Colonial Gardens is set to end in 2021The new project will include apartments, shops and a supermarket and hotelThe Colonial Gardens were built in 1896 and are on the outskirts of MelbourneThe project has been the subject of a $1.5 billion tender to convert the buildings into apartments, a hotel and retail, which could begin as soon as 2021.
The Colonial Parks are a landmark of the Victorian capital city, and have stood as a focal point for the area since the mid-1800s.
The Victorian government will sell the buildings, which have been used as part of the city’s heritage since 1866, to the private developers and will lease them to a developer for up to 20 years.
Keypoints:The Colonial gardens have been an iconic landmark for MelbourneThe new development will include an apartment, a supermarket, a grocery store and a hotelThe plan will also include a shopping centreThe Victorian Government is also looking at selling the historic buildings for the equivalent of $3 million, which would be about half of what the owners paid for them in 1896.
The plans for the development are in line with plans announced last month by the Victorian Government to sell more than 300 Victorian-built buildings.
The government has estimated the sale of the colonial-era buildings could bring in about $2.3 billion.
It is believed the redevelopment could be completed by the middle of the next decade.
It was reported in the Australian newspaper in August that the Colonial buildings were at the centre of a tender process that involved bidding from local developers, with the Victorian government hoping to buy the land and develop it as a mixed-use development.
The deal was struck with the owner of the land, Melbourne City Council, which had previously held a tender for a $3-million lease.
It appears the Victorian landholders will be the main beneficiaries of the deal.
Melbourne City Council was able to bid for the Colonial land after it was acquired in the 1920s and has since been under a series of councils.
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