Preston Market redevelopment plan proposes about 900 apartments
A proposed redevelopment of Melbourne’s Preston Market would add about 900 apartments while retaining most of the existing market footprint, with community members invited to provide feedback by 14 October. The master plan submitted to Victorian Planning Minister Sonya Kilkenny proposes eight residential towers ranging from eight to 16 storeys around the market.
According to the development plan, about 81 per cent of the existing market footprint would be retained. The proposal also includes about 14,000 square metres of additional specialty retail and commercial space and a new 2,700-square-metre public park. About 10 per cent of the proposed dwellings would be designated as affordable housing. The proposal is currently being considered by the Victorian government and has not been approved.
Preston Market Development Pty Ltd, a Medich Corporation entity, submitted the proposed development plan to the Victorian Planning Minister. The market is privately owned by Medich Corporation, a Sydney-based property investment company. The proposal would keep the market in its existing location while renewing its infrastructure and providing new residential, retail and public spaces. The plan includes a staged construction process intended to allow the market to continue operating during redevelopment. Darebin City Council said it would prepare a submission on the proposal and encouraged local residents to make their own submissions. Darebin Mayor Emily Dimitriadis said the council wanted to accommodate a growing community while protecting the market’s character.
“The future of Preston Market precinct should be shaped by the people who know it, love it and rely on it every day,” she said.
The Victorian Greens have called for the state and federal governments to acquire the privately owned market, while criticising the consultation process. Greens MP Anasina Gray-Barberio described the consultation as “woefully inadequate” and said the market was an important community space in Melbourne’s north. Preston Market has been a major shopping and meeting place in Melbourne’s north for decades, serving a diverse community including migrant families and small businesses. A Victorian government spokesperson said the government understood there was strong community interest in the site and encouraged people to provide feedback.
The proposed Preston Market Development Plan is open for community feedback until 14 October. The proposal and information about how to make a submission are available through Engage Victoria.
Sources
Redevelopment plan, ABC News, 2 October 2026
Development Plan,
public consultation
Darebin City Council
