The famous Queen Victoria Market (QVM) is set to receive a long overdue revitalisation.
Victorian Premier Denis Napthine has announced the State Government will make a substantial contribution towards the project.
The Government announced this week it has agreed to undertake a key land exchange with the City of Melbourne which will allow the QVM project to advance.
Traders and shoppers stand to gain upgraded stalls, improved amenities, and an additional 1.3 hectares of public open space, which the government says will build on the festive atmosphere of the market.
The project will also include the construction of two mixed-use commercial developments and an underground car park.
“The QVM is a major economic driver with more than 10 million people visiting the market each year and spending more than $155 million,” Napthine said.
It is hoped the project will also promote interest in the increasingly popular Wednesday night market.
“Providing this land to the City of Melbourne will enable the QVM to expand its footprint and cater for the growth in patronage which is expected to reach 17 million annual visitors by 2031,” Napthine said.
The City of Melbourne will begin public consultation with QVM traders, and heritage and planning authorities to advance the project to the next stage of development.
Current estimates forecast the upgrade may take up to 10 years to complete, and cost upwards of $250 million.
Image: Dennis Napthine Twitter