Development of commercial hub in Melbourne good for potential investment
Those looking for a new commercial property opportunity could be interested to hear about a new employment precinct in Victoria, which aims to deliver more than 25,000 jobs and potential investment opportunities totaling over $2 billion in Melbourne's inner north west suburbs. This could highlight a fantastic region of growth for anyone interested in property investment over the coming years.
The framework for the development was revealed by Minister for Planning Matthew Guy yesterday (March 19) and aims to create an integrated urban renewal and job precinct to help provide employment for a number of different sectors . This will focus on aviation services, research and development, office space and retail.
Through a partnership between the Metropolitan Planning Authority, Essendon Fields and the Moonee Valley City council, the framework has the ambition to deliver on to an existing base of 9,000 jobs and more than 630 businesses in the region.
"The Essendon Airport area has now been identified in Plan Melbourne as a key transport gateway and importantly as a significant opportunity to create new jobs in the suburbs," said Mr Guy in a statement.
"The development of an integrated framework plan for this precinct shows the Victorian Coalition government's commitment to working with Local government and the private sector to deliver jobs and achieve the best planning and development outcomes."
With an additional 16,000 jobs expected to be created on top of the existing 9,000, now could be a great time top consider buying land in the area and beginning the construction of property. Whether this be residential real estate or commercial property, the overarching development of the area is gearing up to be a strong part of the cities growth.
Some of the developments have already been identified, including a $30 million, 150 Room Hotel & Conference Centre, an additional 150,000 square metres of A Grade office space and an $80 million extension of the AutoCentro car retail hub and construction of additional hangars and aviation facilities.
"This precinct has 75 hectares of greenfield land as well as significant urban renewal possibilities. It is a unique site and with the benefit of good planning, the redevelopment of this precinct will put Airport West and Essendon Fields on Melbourne's business radar," said Mr Guy.
Now could be a great time to evaluate your investment goals and consider entering into this development, which aims to make this area of Melbourne a great option for future investment.