Panel approves $12.5m Vic Park hub
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Blackoak Capital Ventures has cleared a planning hurdle in its multi-million-dollar restoration proposal of Edward Millen Reserve, today receiving a development panel’s approval.
The Metro Inner Joint Development Assessment Panel today unanimously approved the developer’s plan to build a mixed hospitality venue at the reserve at the corner of Hill View Terrace and Albany Highway.
The proposed restoration has been estimated to cost $12.5 million, according to the JDAP report.
However, Victoria Park officers estimated the project to cost more than $20 million in mid-2023.
Blackoak Capital Ventures proposes to restore the Rotunda building on site, transforming it to a bakery, cafe, retail, and offices.
Another building on site is to be restored into a bar, bistro, microbrewery, museum or gallery space, and function rooms for hire.
Other features of the proposed development include a childcare centre in a new building, a gelato store, weekend markets, and a petting zoo.
“These are always substantial challenge, adaptive reuse of heritage buildings, and we’ve seen the result of not being able to find something and the building’s been boarded up and it just deteriorate,” JDAP deputy presiding member Ian Birch said at the meeting.
“They can’t be all museums. They have to come up and function in today’s world and I think this is a fabulous result.”
The federal government provided $4 million for the restoration of the Edward Millen precinct through the Commonwealth community development grant.
The Town of Victoria Park chose Blackoak Capital Ventures as its preferred proponent to develop the heritage-listed reserve in 2021.
A business plan between the town and Blackoak was advertised in mid-2023.
Blackoak Capital Ventures is 65 per cent owned by Blackoak Capital Ventures Pty Ltd and 35 per cent owned by Arget Ventures.