The Age tells us that the last strip of unkempt inner Yarra edge is about to get swanked up with a marina etc. They have a sketch here: http://www.theage.com.au/victoria/north-wharf-new-southbank-20100325-qzvj.html
This is just a serving suggestion though. The government is putting the site up for sale for private development. So it's quite possible that we'll end up with the usual mix of dead restaurants and south-facing apartments overshadowing a promenade. Unless they stick a caveat on the sale insisting on the "cultural facilities" mentioned in the article. But that's unlikely.
Maybe they should just leave it alone - leave something for the next gen to do, so that the river's edge doesn't become a boomers' paradise for its entire length. Leave the goods shed rough-as-guts for people to go-cart, dance, perform and generally be noisy in.
Nice panorama pic here: