The VCCC comprises an alliance between The University of Melbourne, the Peter MacCallum Cancer Centre, Melbourne Health, the Walter and Eliza Hall Institute of Medical Research, the Royal Women's Hospital, the Royal Children's Hospital, Western Health, St Vincent's Hospital, Melbourne, Austin Health, and the Murdoch Children's Research Institute.

[5] Designed by architects from Silver Thomas Hanley, DesignInc and McBride Charles Ryan,[4][6] the building project was delivered as a public-private partnership, costing A$1.2 billion.

[citation needed] Approximately $40 million in new medical and research equipment was bought prior to the opening of the new building.

In 2015 the Premier, Daniel Andrews, made a controversial alteration to the project, removing a private hospital planned for the centre.

[8] In the months prior to its opening, building management signed tenants for commercial spaces including four cafes, a shop and a pharmacy.