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Preston Market redevelopment plans revealed: eight towers, 900 apartments, market footprint cut by 20 per cent

Private owners propose demolishing south block and Aldi; heritage elements protected; Planning Minister to decide

By LineZotpaper
Published
Read Time2 min
Sources2 outlets
A master plan for the Preston Market redevelopment has been released, showing private owners want to reduce the market's footprint by nearly 20 per cent to build about 900 apartments across eight towers. The proposal, which requires approval from Planning Minister Sonya Kilkenny, would demolish the south block and an adjoining Aldi, while increasing total market floor space and protecting heritage elements.

The master plan, released on Thursday, reveals that 81 per cent of the existing market will be retained, despite the original footprint being reduced. Total market floor space would increase from 12,700 square metres to 15,328 square metres under the proposal.

The south block, which houses mixed-retail traders including a pet supply store and an electric sign business, would be demolished along with the adjoining Aldi grocery shop. In their place, about 900 new apartments across eight towers ranging from eight to 16 storeys would be built surrounding the market. Approximately 10 per cent of the dwellings are designated as "affordable" housing.

Key heritage elements, including the space frame roof structure, murals and shopfront features, would be protected. An additional 14,000 square metres of specialty retail and commercial floor space would also be added to the precinct.

The plans are now before Planning Minister Sonya Kilkenny for approval.

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Analysis

Why This Matters

  • The redevelopment will reshape a longstanding community retail and food precinct in Melbourne's north, directly affecting local shoppers and traders.
  • The addition of 900 apartments addresses housing supply needs, but only 10 per cent are designated affordable, which may not satisfy affordability concerns.
  • The outcome could set a precedent for how privately owned markets are redeveloped in other suburbs.

Background

Preston Market has operated for decades as a popular food and retail destination. The private owners have sought to redevelop the site for several years, arguing that the current configuration is not commercially viable. Previous proposals drew community opposition over concerns about the market's character and the displacement of traders. The current master plan is the latest iteration in a long-running planning process.

Key Perspectives

Private owners: They aim to modernise the site and increase commercial floor space while adding residential towers, arguing this mix is necessary for the project's financial viability. Local traders and community groups: Many have expressed concerns that reducing the market's footprint and demolishing existing buildings will erode the market's character and threaten the livelihoods of smaller traders. Planning Minister Sonya Kilkenny: As the decision-maker, she must balance the developers' commercial objectives with heritage protections, housing supply needs, and community interests.

What to Watch

  • The Minister's decision on whether to approve, modify, or reject the planning application.
  • The timeline for any required community consultation or permit processes.
  • Whether displaced traders secure alternative spaces within the new development.

Sources

Zotpaper

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