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Paving the way for 2200 apartments to be built on the site of the Preston Market would pose an existential threat to stallholders, Darebin City Council officers have warned in a draft submission to the Victorian Planning Authority.
The authority released proposed rules for the 5.1-hectare site in May that would allow up to 20 storeys of apartments but ensure a fresh food market would remain regardless of any future development.
Bustling Preston Market on Sunday afternoon.
Credit:Scott McNaughton
Analysis by Darebin Council has found the plans would make the site more dense than Fishermans Bend, Australia’s largest urban renewal precinct, which will have an average of 323 people per hectare once 80,000 people move into the district by 2050.
Developers Threaten to Stop Building Over New Victorian Land Taxes
A major Melbourne-based property developer is warning it will stop looking for new construction opportunities until the Victorian government releases the details of its plans to raise land and property taxes for the ninth time.
Sam Tarascio, managing director at one of Australia’s largest developers, Salta Properties, told The Australian that the company would put the assessment of future developments that involve rezoning on hold until they thoroughly understood the proposed tax.
“Until we see that detail, we cannot quantify the new costs associated with the tax,” Tarascio said, referring to the new windfall taxes where up to 50 percent of land value uplift as a result of rezoning will go to the government.
New industry leaders elected President and Vice Presidents of Victorian Property Council miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.