The high-stakes rent saga at Melbourne’s bustling Wholesale Fruit and Vegetable Market has reached its final chapter, with a revised rent valuation now locked in for a handful of traders.
After months of conciliation and input from both the Valuer-General Victoria (VGV) and tenant group Fresh State, the Melbourne Market Authority (MMA) has offered lease renewals to 17 store businesses– some facing base rent increases of up to 38 per cent over the next nine years.
Only five tenants had signed on the dotted line before the new valuation was finalised.
Their leases will now be updated to reflect the more affordable rates negotiated through the conciliation process.
The remaining 12– representing less than 5 per cent of total occupancy– were issued lease offers last week, along with a Notice to Quit.
They now have 30 days to decide whether to stay or go.
For local market-goers, this is more than just numbers.
The future of some of their favourite traders– from long- standing fruit stalls to veggie wholesalers– hangs in the balance.
“We’ve acted in good faith, and we’re proud of the collaborative outcome,” MMA chairman Peter Tuohey said.
“This gives tenants the clarity they need to move forward.”
New leases include perks like reduced security bonds, electricity savings, and a rent-free buffer period– with no back payments required between August 2024 and February 2025.
But this isn’t the end of the story.
The MMA will now take the matter to the Supreme Court to confirm the legal status of the revised agreements, aiming to lock in transparency and certainty for the market’s next era.
With around 100 more lease reviews coming in August 2025, this fresh rent framework sets a precedent for the rest of the market– one the MMA hopes will support a “vibrant community where all tenants can thrive.”
