The Victorian state government is investing $470 million in redeveloping Melbourne's Southbank district, with new bars, restaurants and a five-story podium part of the plans.
Southgate is one of Melbourne’s largest shopping malls and restaurant complexes, opposite Flinders Street station on the Yarra River, in one of the areas that was hit particularly hard when COVID lockdowns brought foot traffic in the CBD to a halt.
Australian property developers ARA Australia will undertake the government-funded project with the purpose of enhancing amenities and experiences for locals, part of the government’s wider plan of attracting more visitors into the Southbank and Docklands districts.
What you need to know
- Southbank’s Southgate complex is to receive a $470 million overhaul
- Redevelopment plans include new bars, restaurants and a five-story podium
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Minister for Planning Richard Wynne today confirmed approval of the redevelopment, which his office says will offer better connection between Southbank and the Melbourne arts and entertainment precinct. The government says these plans will create more accessible open space for the public and provide pedestrians with links to other precincts.
“This redevelopment will bring new life to this much-loved part of Melbourne, providing a thriving new hub for retail and hospitality,” Wynne said.
“The new-look Southgate will create a new destination for Melburnians and tourists – creating hundreds of local construction jobs and thousands of ongoing jobs once the project is complete.”
The redevelopment will deliver spaces for new bars, restaurants and retail within a five-story podium on Southbank promenade, as well as a 26-storey office building. The project is expected to create 850 jobs each year during its construction and 3,600 ongoing jobs when complete.
Nearby, the state government is already investing $1.7 billion into the Melbourne Arts Precinct Transformation project which will build NGV Contemporary, new parklands, cafes and restaurants, and an extensive restoration of the State Theatre.
In line with the Melbourne Planning Scheme, the project’s plans reportedly ensure minimal amenity impacts to surrounding properties and no overshadowing to public open space, including the Yarra River, between 11am and 2pm.
For more information on Southbank, visit here.
