Property Market Information Blog: Commercial hotspot in Melbourne set for development

By the resi financial blog team, 24 March 2014

Commercial development in Melbournes north west

The latest employment precinct to get the go ahead in Melbourne's Inner North West region will provide up to 25,000 jobs to the local communities when completed - highlighting a great area for potential growth in Victoria's capital city. Now could be the perfect time to consider taking out a commercial home loan and starting a small business in the region.

Minister for Planning Matthew Guy revealed the framework for the region's development - which is set to take place in Airport West and Essendon Fields - is to create an integrated and renewed urban area with a focus on aviation services, research and development, office space and retail, with more than $2 billion worth of potential investment available in the area when completed. 

"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 March 19 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." 

Undertaking these developments will incorporate strategies that will create an additional 16,000 jobs in the area, on top of the existing 9,000. This could present a fantastic residential property opportunity as well, with a wide range of people potentially moving to the area for work purposes. Now could be a great time to consider taking out an investment loan and looking into property in the region. 

The precinct has 75 hectares of greenfield land available for future development, as well as a number of existing urban renewal opportunities. Located just 12 kilometres from the central business district in Melbourne, the region has been highlighted as a space of state significance and could play a role in the growing economy of Victoria.

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