Leading developer Golden Age Group has received the green light to develop a 21-storey project located within a significant and evolving segment of the Queen Victoria Market precinct.

Located at 432-450 Queen Street, the Bates Smart-designed building will offer a selection of sustainable, healthy and well-crafted residences alongside two levels of retail, a roof terrace on Level 5, and residential amenity.

Respecting the site’s historical context, the approved plans will see the existing Queen Victoria building on the site carefully restored and integrated into the development.

The project, known as 450 Queen Street, was endorsed by the City of Melbourne in June last year, with Planning Minister Richard Wynne recently giving the nod of approval.

Bates Smart Director Julian Anderson said the project has been designed with the residents, visitors and market community in mind by providing engaging spaces to live, work and play.

“We have taken great care in designing an enduring and well-crafted addition to this neighbourhood, respecting the site’s historical context while being mindful that this development will have a role in shaping the future character of an evolving and diverse urban fabric.”

Carefully selected masonry will be applied to podium forms to complement the existing Queen Victoria building, while the retail ground plane will incorporate vitrine windows as a contemporary interpretation of shopfronts around the market precinct.

A triple-height north-facing atrium will complement Munro Square, providing natural light and activity to the lower and upper ground retail tenancies.

Golden Age Founder and Managing Director Jeff Xu said receiving approval was a fantastic start to 2022.

“Receiving approval is a reflection of the level of confidence the State Government has in us as co-developers of this city. The project is located in a significant area of the Queen Victoria Market precinct and we’re excited to develop a project that will further contribute to this ever-evolving pocket of the city.”

Around 10 per cent of the residences will also be offered as affordable housing as a means of ensuring an equitable provision of housing is made available.