Preliminary works have begun on Melbourne Convention & Exhibition Centre's expansion, worth over $300m.
The project is expected to create 700 jobs during the construction phase, and 800 ongoing positions once it's completed.
The State Government has contributed $205m to the project, with private investors, Plenary Group and partners contributing more than $100m. Plenary Group is sponsor, investor and financial arranger for the upgrade.
The company was also sponsor, investor and financial arrange for the 2009 Melbourne Convention Centre development and is responsible for managing the asset under a 25-year design, build, finance and maintain contract.
The expansion includes a new four-star hotel boasting more than 300 rooms, which Plenary's development partner, Flagship Property Holdings is responsible for. Probuild has won the construct contract for the hotel, which will rise 20 storeys above a six-level carpark.
Plenary planned for this expansion during the design stage of the 2009 development and intentionally designed the South Wharf car park to accommodate large buildings above it.
The 20,000sqm expansion of the facility includes 9,000sqm of flexible expansion space, a 1,100-seat, multi-purpose facility and a gala banquet room with a 450-person capacity.
Tourism Minister John Eren said that the upgrade will see an annual increase of 74,000 international visitors coming to the convention centre, resulting in a $167m boost to the economy, benefiting both workers and the state.
Construction is expected to be completed in 2018.
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Source: Hotel Management, MCEC, ABC News