Greenline Project - Maritime Precinct

The City of Melbourne has released a business case for the Greenline Project, estimating that it will deliver more than $740 million in net benefits to Melbourne. 

Prepared by Ernst & Young, the business case estimates a benefit to cost ratio of $3.29 for every dollar spent, with the project expected to attract an additional $1.9 billion of private sector investment.

The City of Melbourne will use the business case to engage with business, industry and government, and seek formal partnerships, funding arrangements and further collaboration on the project. 

The Greenline Project is a transformative vision for the North Bank of the Yarra River – Birrarung, creating a 4km promenade of parks, open spaces, cultural activations and environmental renewal between Birrarung Marr and the Bolte Bridge.

The Greenline Project is set to create more than 3,400 jobs during construction, and more than 6,400 ongoing jobs by 2042. The economic uplift is tipped to deliver 110,000m² of new commercial floor space and 4,000 additional residential dwellings.

Lord Mayor of Melbourne, Sally Capp, said, “The Greenline Project will revitalise the north bank of the Yarra River – creating thousands of jobs, attracting waves of new visitors, and injecting millions of dollars into our economy.

“We need to be ambitious – and this is exactly the sort of project Melbourne needs to grow, drive investment and cement our position as Australia’s most liveable city.”

Over the next 20 years, the project is forecast to generate $1.7 billion in total value-added economic output, and an estimated $1.2 billion in total economic benefits for Melbourne’s economy. 

It is also expected that it will attract more than 1.1 million additional visitors to the city every year, who will spend more than $23 million annually. That means more people shopping, dining and supporting local businesses. 

The project will also acknowledge and celebrate Aboriginal culture and knowledge, with Aboriginal stories that support truth-telling and identity, and preserve eleven heritage sites. 

Key statistics and benefits outlined in the business case include:

Economic 

  • $740 million net benefit to the City of Melbourne over 20 years 
  • Benefit to Cost Ratio of 3.29 
  • Creates 6,400 additional jobs by 2042 and 3,400 direct and indirect construction jobs 
  • Jobs created will generate a $1.7 billion gross value add, and $1.2 billion in total economic benefits

Tourism 

  • 1.1 million additional annual visits 
  • $23 million additional annual visitor spend 

Investment 

  • $1.9 billion new private sector investment 
  • 110,000m² additional commercial floor space 
  • 4,000 additional dwellings 

Environmental 

  • $60 million benefit from protecting and enhancing the environment 
  • Decreasing discharge to improve water quality 
  • Improving soil quality and enhancing greening 
  • Establishing ecological corridor for habitats 

Social 

  • $250 million in social value 
  • 330,000 hours of new recreational activities 
  • 11 heritage sites preserved 
  • Aboriginal stories for truth telling and identity

The project will be split into five inter-connected precincts – Birrarung Marr, The Falls, River Park, Maritime and Saltwater Wharf. 

Delivery of the project will take place in stages, with work on Site One at Birrarung Marr to commence in 2023. 

Lendlease Managing Director, Development, Tom Mackellar, said, “We welcome the new Greenline which is set to transform Melbourne and become a landmark outdoor destination that will rival experiences across the world’s leading cities.” 

“The City of Melbourne’s vision will showcase the best of our waterfront while promoting environmental sustainability, and will encourage visitors to explore our city and celebrate our Aboriginal heritage and culture.”

“We appreciate being part of the city’s extensive community and stakeholder consultation process on this bold, once-in-a-generation city-shaping initiative. We look forward to partnering with the City in realising their vision for Greenline as part of our Victoria Harbour precinct renewal development.”

The Greenline Project is expected to cost $300 million, with $140 million already committed as part of the City of Melbourne’s 2022–23 Budget, including $20 million from the Federal Government. 

The business case will be considered by Councillors at the Future Melbourne Committee meeting on Tuesday 6 September. 

Feature image: Artist’s impression of the Greenline Project – Maritime Precinct. Image: City of Melbourne.

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