Central Equity : Melbourne Articles : Booming Southbank

Melbourne - SOUTHBANK

BOOMING SOUTHBANK MELBOURNE'S NEWEST AND MOST EXCITING SUBURB

In the early 1980s, the Victorian Government Minister for Planning, had a plan to transform the southern bank of the Yarra River adjacent to the Melbourne Central Business District into not only the premier arts, leisure and tourist precinct, but also into a new prestigious residential area. The majority of the Southbank's residential projects have been completed by Central Equity, Melbourne's leading inner city residential developer. This area has now become known as Southbank, Postcode 3006. It is a focal point for all Melburnians, Australians and international visitors.

The Southbank area is unique as it is a strategically located piece of land which is being redeveloped in a planned and exciting way to complement the needs of the City of Melbourne for the future. It has been an important initiative and forms part of the Agenda 21 Victorian Government Development Plan.

Southbank in Melbourne is Australia's arts and cultural centre and houses the National Gallery, Victorian Art Centre, Ballet Centre, the Opera, Melbourne Philharmonic Symphony Orchestra, Australian Broadcasting Corporation, Victorian College of the Arts, Malthouse Theatre, Grant Street Theatre and other cultural establishments. Victoria's multicultural families spend approximately 5% or more on arts than the national average and the arts and cultural industry pour over $3 billion into the Victorian economy and that figure is increasing.

The Southgate shopping and restaurant precinct together with the Yarra Bank Promenade was completed several years ago and is a tremendous success and now the focal point of culinary, shopping and riverside activities.

The Southbank area has become so vital to the City of Melbourne that it has been included under the administration of the City of Melbourne and in July 1994, Mr Robert MacLellan, the Minister for Planning for Victoria, launched the Southbank Village Structure Plan. This plan support major beautification and upgrading of the whole area, including tree planting, expansion of the arts facilities and the incorporation of residential. On the launch of the Southbank structure plan, the Minister Mr MacLellan said, "Melbourne's new arts village would be a precinct without peer in Australia", he also noted "the renaissance of this part of Melbourne is nothing short of spectacular".

The Southbank area is being supported by the Federal Government's "Better Cities Program", the Victorian Government's Department of Planning & Development and by the City of Melbourne. The Southbank area has been the focus of Melbourne's largest development projects and the fastest growing area within Melbourne. Nowhere else in Melbourne has over $4 billion being spent in such a small area. The $2.2 billion Crown Towers hotel, entertainment and casino complex houses a one thousand room five star hotel. Adjacent is the new Melbourne Exhibition Centre of $120 million, a new boat marina at the city's edge, as well as bicycle paths and jogging tracks on the Yarra River banks.

The area was further enhanced with the removal of traffic from city streets with the $2 billion underground CityLink project and a $136 million refurbishment of the National Gallery of Victoria.

The Southbank area has continued to grow in importance in Melbourne's development and is now a sought after residential area for those wishing to be near the Central Business District, universities and educational facilities, parks, gardens, sporting, theatre and dining venues of inner Melbourne.