Bendigo Street studios receive $400 million residential property approval
The former Channel Nine studios located on Bendigo Street in Richmond have been approved by the Yarra City Council to be redeveloped into residential real estate in a project worth $400 million.
The prime developer originally applied to be able to build to a height of eight stories - however the council has since amended their requirements and limited the construction to a maximum of six.
Speaking on the conditions, Yarra City mayor Geoff Barbour said that the council had "made it clear" to the developer that the height be reduced.
"Six storeys will be more in keeping with the low-rise character of the surrounding streets and will hopefully result in a less dense development overall," asserted Barbour.
Further concerns were raised by residents over the potential increase in road traffic as the area becomes more accessible to the public.
As a result, the site will be subject to a number of strict planning conditions - including maintaining nearby Moore Street as a No Through Road.
In response the developer also offered to make an additional $50,000 available to the city council to assist with improvements to existing public transport options - including increasing the frequency of trams and buses