Sold: the sprawling Munro family site opposite Queen Victoria Market.
Melbourne City Council has paid $76 million for a large landholding of warehouses and shops owned by one family since 1910.
But real estate industry figures have questioned whether the council has paid as much as $20 million too much for the site, directly opposite the Queen Victoria Market.
Lord mayor Robert Doyle on Wednesday morning said the council had agreed to buy the land and buildings on the corner of Queen and Therry streets.
"It's an investment in the market for our traders and the people who use it," Cr Doyle said of the land, owned by the Munro family for 104 years.
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