Council considers Preston Market feasibility study
Published on 09 November 2026
Darebin City Council has considered an independent feasibility study into potential public ownership or leasing of Preston Market.
The study was commissioned as part of Council's 2025–26 Budget, with $30,000 allocated to better understand the financial and practical implications of potential public ownership of Preston Market.
An independent consultant undertook the study in early to mid 2026, examining factors including the costs of acquiring and operating the Market, ongoing operational requirements and financial costs.
Council reviewed the feasibility study, and its analysis of the Preston Market Feasibility Study has the following conclusions:
a. That Council has no compulsory acquisition powers over the property, which means acquisition would only occur if the landowner were a willing seller and if contract conditions could be agreed, including price.
b. That the value of the land in an open-property market would reflect the potential for redevelopment in accordance with the planning controls.
c. That if Council pursued acquisition of the property, it would take on responsibility for ageing assets that would require investment soon to support the market’s ongoing operations.
d. That if Council pursued acquisition of the property, it would need to establish capabilities it does not currently have, including commercial management and market operations, as well as assume new risks and responsibilities associated with these functions.
e. That the estimated total cost for land acquisition and works required to appropriately support the ongoing operation of the Preston Market is beyond Council’s foreseeable financial capacity.
Council has also determined that the ‘Preston Market Public Acquisition Summary Paper’ is deemed to be no longer confidential information and should be released as an attachment to the minutes of the 27 October Council Meeting.
Why the study is confidential
The feasibility study and officer analysis will remain confidential because they contain commercially sensitive information.
Releasing this information could affect future commercial negotiations, disadvantage third parties and expose Council to financial and strategic risks.
Council recognises the strong community interest in Preston Market and a public summary is available about the purpose of the study, the process undertaken and Council's consideration of its findings.
Our commitment to Preston Market continues
Preston Market is an important part of Darebin's community – a vibrant hub of culture, fresh food, small business and local connection.
Council has a long history of advocating for the protection of the Market and its social, cultural and historical significance.
Council will continue supporting the Market and its traders through advocacy, participation in planning processes and engagement with the Victorian Government and landowner.
Our commitment to protecting what makes Preston Market special for future generations remains unchanged.
Frequently asked questions
Why did Council investigate public ownership or leasing of Preston Market?
Council commissioned the study to better understand what public ownership could involve, including the financial and operational implications for Council.
The study was intended to inform Council's consideration of these options, rather than make a recommendation about whether or not to acquire the Market.
Why isn't Council purchasing Preston Market?
Following the Council Meeting on 27 October, Council noted that:
a. Council cannot force the owner to sell Preston Market. Council could only buy the property if the owner agreed to sell and both parties agreed on the price and other conditions.
b. The property’s market value would reflect its potential for future development under current planning rules.
c. If Council bought Preston Market, it would also become responsible for maintaining and upgrading ageing buildings and facilities to keep the Market operating.
d. If Council bought Preston Market, it would need to develop new skills and resources to manage the property and run the Market, taking on additional costs, risks and responsibilities.
e. The estimated cost of buying Preston Market and carrying out the necessary works to keep it operating is more than Council can realistically afford in the foreseeable future.
Why can't the community see the feasibility study?
The Feasibility Study meets the definition of confidential information under section 3 of the Local Government Act 2020 because it contains “business information, being information that would prejudice the Council's position in commercial negotiations if prematurely released”. Maintaining confidentiality over the Feasibility Study is important and required by legislation.
Council has determined that the ‘Preston Market Public Acquisition Summary Paper’ is deemed to no longer be confidential information and it will be released as an attachment to the minutes of this Council Meeting.
Who makes decisions about the future of Preston Market?
Preston Market is privately owned and operated. The Victorian Minister for Planning is responsible for decisions about the proposed Development Plan and future planning approvals.
Council continues to advocate for the Market's protection and represents Council’s advocacy position through these processes.
For more information about Council's longstanding advocacy, visit our Advocating for Preston Market webpage.