I think there needs to be better access from adjacent areas such as Kensington Banks to South Kensington station.
I think Mercantile Parade should be extended south-east to Childers Road, so that there is a straight pedestrian route between the station and the nice and dense Kensington Banks area.
I also think having the JJ Holland park right next to Sth Kensington station is less than ideal, and there should be some more medium-high rise residential with maybe a small retail strip fronting Childers Road facing the station, to encourage a bit of mixed-use activity near the station.
Extending Mercantile Parade would cut across the main oval, less than ideal.
Providing quick and easy access for people in Kensington Banks to South Kensington station should surely take precedence over the ability to kick an egg shaped ball around a large circular patch of grass. The oval can be moved slightly to the south-west by closing off Childers Street west of South Kensington station.
Childers St is a dead end, your proposal would require it to be re-opened to traffic at the other end.
The main oval is very large for a suburban ground, the dimensions would be changed, the pavilion most likely be rebuilt, the nets rebuilt, the cricket pitches reliad, (the square can accomodate 8 i think) and the new oval would cut into the extreme sports precint. One ios not seriously put out by walking about 100metres furhter up the road to the current path through the park.
JJ Holland park is a park because it is sitting on a former swamp and a very current flood plain, it can never be built on. Not to mention that it is the local oval for surrounding schools, junioir and senior sports clubs and provides a skate park. We local residents would storm Town Hall if such a proposal was ever made.
http://www.dse.vic.gov.au/planningschemes/melbourne/maps/melbourne04zn.pdf shows that J J Holland Park is zoned PPRZ (Public Park and Recreation Zone). There are no UFZ's (Urban Floodway Zones) within the jurisdiction of the Melbourne City Council (including in Kensington). If Council wants to build on it, all they have to do is seek an amendment to the planning scheme and extend the Comprehensive Development Zone over Kensington Banks south-east to take in J J Holland Park.
The swamp was known as Seagul Swamp. http://www.arts.monash.edu.au/ncas/multimedia/gazetteer/list/kensington.html Has more info. The levee bank protecting the housing opposite the park runs along Hobsons Road but ends at Kensington Rd, forcing any flood waters onto Holland Park. In February this year the Childers St, Kensington Rd intersection was under water, that was considered a minor flood. The VRCs desir to flood-proof Flemington raceoucrse will further affect this area.
EDIT: I think your getting UFZs mixed up with your LSIOs (Land subject to inundation). A floodway I think is like a retarding basin. See this link to see that Holland Park will get rather soggy in a flood. Also It doesn't show Riverside Park on Speakman St, it should I've seen it 3 times in two years completely under water. http://www.dse.vic.gov.au/planningschemes/melbourne/maps/melbourne04lsio.pdf
.Kensington has had a net loss of high-rise housing over the past decade, why rebuild it.
I would call the 8 storey apartment block at Speakmen Street a net gain, and if theres any high-rise as part of the proposed Becton redevelopment in the area bounded by Kensington Road, Derby, Ormond and Altona Streets that will also be a net gain. How much high-rise has Kensington lost over the last 10 years?
IIRC there were 8 high rise Commission Flats in the block you mention. Now there are two original, 2 new not so high rise and some private housing along Kensington Rd. So there is a net loss in this area.
Speakman St is far removed from the area and caters to a totally different market, ( I lived there for a year and hated it). Therefore yes Kensington has had a net gain over the past ten years of private dweliings but a net loss of high-rise public housing near South Kensington Station.
The next area of Kensington to be developed will be the Simplot site on Tennyson St, I know re-zoning was before council a while ago, not sure of the result.