Medich revives Preston Market redevelopment
The Medich family has again applied to develop land around Melbourne’s Preston Market.
After seizing full control of the 5.1-hectare block last August, the Sydney-based group has applied to build eight apartment towers, from eight to 16 levels, containing a total 900 dwellings.
New retail would be developed alongside the market.
Upon completion, it would contain 15,328 square metres (up 21 per cent from 12,700 sqm).
The proposal would retain about 81pc of the improvement’s footprint and 77pc of the space-frame roof.
Up to 5000 sqm of offices is earmarked as part of the precinct framework too.
Including a podium level featuring communal open, play and recreation space, a 2700 sqm park and a 1000 sqm garden facing the train line, an additional 14,000 sqm is planned.
Ten per cent of the proposed apartments would be affordable housing.
There will only be 1264 car parks – for the market, offices and new dwellings.
900 apartments
Bound by Murray Road, Cramer and High streets and the train line along St Georges Rd, the Preston site was occupied by the Broadhurst Tannery from 1888 until 1960.
The market was established in 1969 and opened in 1970.
Medich Corporation and Salta Properties acquired it from an MCS-organised syndicate in 2004 for $36.75 million (continues below).
The pair began pursuing redevelopment in 2014 – specifically, moving much of the market towards the eastern side of the site and building apartments along the Murray Road and railway frontages.
A 2017 application sought three apartment towers – two of 10 storeys and one of 14 – with 300 dwellings on part of the car park.
Darebin Council rejected that application, prompting the joint venture to take the matter to VCAT which approved it.
The Victorian Planning Authority then took over the planning process, releasing a draft plan in 2021 allowing for 2200 dwellings across the precinct.
Following 386 submissions, that scheme was revised to about 1200 dwellings in shorter buildings and gazetted in 2023 alongside a heritage overlay – effectively requiring the market to be substantially retained where it is.
Medich tries again
The Medich application has been lodged with Planning Minister Sonya Kilkenny under the Development Plan Overlay.
The 2023 planning controls require the market to be substantially retained in its current location
Darebin Council has said it will make a submission.
Preston is about nine kilometres from Melbourne’s CBD.
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