 Batman and the Port Phillip Association were compensated £7,000 for the land.And, in March 1837, it was officially renamed "Melbourne" by Governor Bourke in honour of the British Prime Minister of the day, William Lamb (the Lord Melbourne).The Melbourne City Centre does not have current official boundaries, but rather is commonly understood to be the Hoddle Grid plus the parallel streets immediately to the north, including the Queen Victoria Market, and the area between Flinders Street and the river.