The former aquarium site on Gipps Street will soon have seven riverside units, likely to be worth millions of dollars.

Moyne Shire Council approved the permit to build the units and also partially demolish an existing eyesore on the site.

A previous developer hoping to build 15 units  was sidelined by planning disputes in the Victorian Civil and Administrative Tribunal (VCAT). 

But there was broad support across the chamber for the latest bid to develop the site, which has been in disrepair for years. 

“It’s a significant area and it’s adjacent to the iconic King George Square,” Cr Colin Ryan said. 

Cr Ralph Leutton said it would complement the long- standing efforts to improve the wharf precinct. 

“This site has been sitting around for some time. We’re seeing an improvement to the streetscape around town,” Cr Leutton said.

“I commend the applicants. This will complement all the other activities.” 

Applicant Colin Robertson also sought council advice on speeding up demolition works, in order to stop metal and debris spreading in light of the week’s wild weather. 

“We’d like to act before it becomes a dangerous situation,” Mr Robertson told council. 

The original building was a flour mill when it first opened in 1849. A second storey was added to the building in the 1960s and it operated as an aquarium for 20 years. 

Parts of the building are still heritage listed.