A new observation wheel is about to open on the banks of the Yarra River, giving tourists and locals alike a new view of Melbourne.

The $5m Ferris wheel located near the Melbourne Convention and Exhibition Centre (MCEC) is less than 2km from the shuttered Melbourne Star Observation Wheel, which has been closed since 2021.

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“It’s really exciting news,” Skyline Attractions business manager Jane Jones told 3AW Breakfast.

“The wheel will be on the grass outside the MCEC…it’s currently 80 per cent complete.”