VIC Govt invests $179m on new innovation precinct at Fishermans Bend
Thousands of jobs and a major transformation of the former General Motors Holden site at Victoria's Fishermans Bend will soon be delivered as the State Government invests $179.4 million towards the development of the Fishermans Bend Innovation Precinct.
The significant funding investment through the Victorian Budget 2021/22 will support the renewal and transformation of the site over a three-year period.
Artist impression - Aerial view (source: Victoria State Government - Jobs, Precincts and Regions)
The first step to this major development will include the remediation of the 32-hectare General Motors Holden site as well as the installation of vital infrastructure and services that will transform this area into an investment-ready precinct.
This development will also include a new road that will link Salmon Street and Todd Road, passing a new public park.
Approximately 300 people are expected to be employed to deliver the project, which is also estimated to support around 700 indirect jobs.
The first stage of the development is anticipated to “unlock developable land capable of supporting 2,000 jobs by 2024”.
Artist impression - Aerial view (source: Victoria State Government - Jobs, Precincts and Regions)
Once development starts, the upcoming precinct will encourage collaboration between industry as well as academia. From 2024, Fishermans Bend will be home to the University of Melbourne's School of Engineering and the future innovation precinct is projected to support up to 30,000 STEM jobs by 2051.
“The old Holden factory is part of Victoria's manufacturing history. This important first step will help transform it into Victoria's manufacturing future.
“We're creating the foundations for a world-leading hub for ideas, innovation and 21st century industry – it's an investment in jobs and the people of Victoria,” Minister for Business Precincts Martin Pakula said.
The Fishermans Bend Innovation Precinct will help secure the State's status as a powerhouse of advanced manufacturing which also supports high paying innovation jobs in defence, aerospace, clean energy and transport. In addition, the precinct has the potential to strengthen Victoria's capacity to commercialise new ideas and encourage new business ventures.
Project location (source: Victoria State Government - Jobs, Precincts and Regions)
The future innovation precinct is going to be located at the heart of the 230-hectare Fishermans Bend Employment Precinct – an area that has been recognised as a strategically important employment and innovation space home to world-renowned companies like Siemens and Boeing.
Fishermans Bend is known as the country's biggest urban renewal project that lies on a 460-hectare site and is expected to accommodate about 80,000 people and 80,000 jobs by 2050.
Source: Premier of Victoria – Media Centre; Victoria State Government – Jobs, Precincts and Regions; The Urban Developer; Manufacturers’ Monthly
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