City of Melbourne
Business case review gives new direction to declining Melbourne icon, the Queen Victoria Market.
The Queen Victoria Market has been in steady decline over the last 20 years. We worked with the City of Melbourne to review the existing Queen Victoria Market Precinct Renewal Program and to update its business case. We tested three options for addressing the Market’s challenges:
- business as usual with no increased investment
- limited intervention measures, and
- Council’s full-scale renewal program.
Following a rigorous assessment, we concluded that Council’s $250 million investment for a full-scale renewal program was the best way to secure the Market’s long-term viability. This option will address the key problems facing the precinct, as well as deliver a superior financial and community welfare return.
The full-scale renewal program seeks to transform Queen Victoria Market into a thriving and diverse marketplace where future generations will be able to support Melbourne’s local character and culture.