The redevelopment of the 120m-high ferris wheel will take a year to complete, with the majority of the repair work being undertaken offsite by Japan-based Sanoyas Hishino Meisho.

"We are committed to undertaking a rectification program that will deliver the best result, providing Melburnians and visitors with a world-class tourism attraction once more," said Fred Maybury, chairman of the Southern Star Management Group, which owns the wheel.