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North Wharf site sold

10 Dec 2015

North Wharf site sold Image

Developer Asset 1 has purchased the North Wharf site from the State Government for $28.5 million.

The developer, which is part of Clement Lee’s Riverlee Group, will develop a residential, hotel and retail development and refurbish the historic wharf and heritage-listed goods shed at the western end of the precinct.

Asset 1 says the proposal includes extensive public works, refurbishment of the wharf, restoration of the historic crane and delivery of a new public park. Wharf remediation works are expected to begin in 2016.

Asset 1 previously received planning approval for a proposal including the partial demolition and redevelopment of the goods shed, construction of a 13-storey office tower, retail, cafes, restaurants, an art gallery and refurbishment of the existing Seafarers Rest Park.

The developer is yet to receive planning approval for the new proposal.

According to Riverlee founder Clement Lee, the North Wharf concept is the final part of a long-term vision to revitalise Melbourne’s Northbank precinct.

“Our vision is to deliver an integrated and iconic precinct – a new waterfront destination for Melbourne,” Mr Lee said.

The North Wharf precinct will be activated with pop-ups throughout the summer, as part of a pre-activation plan.

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