The Andrew’s Labor government is set to kickstart a generational investment for a key CBD-edge transformation, pledging $179.4 million in the Victorian Budget 2021/2022 to support stage one of the Fishermans Bend Innovation Precinct.
Fishermans Bend is Australia’s largest urban renewal project, covering 480 hectares that will be home to an estimated 80,000 people by 2050. The development is set to place Victoria at the forefront of global innovation in advanced manufacturing, engineering, and design.
Phase one is located at the former General Motors Holden site, which covers 32-hectares and is four kilometres from the city centre. GMH originally established its Fishermans Bend Innovation Precinct operations in 1930 and was the first to assemble imported engines and locally produced bodies.
Stage one of the project involves remediation of the land and the installation of crucial infrastructure and services to make an investment-ready precinct. It is expected to unlock developable land capable of supporting 2000 jobs by 2024 – as many as 300 people will work on the project at any one time, and approximately 700 indirect jobs also supported.
Development Victoria bought the former GMH site in 2017 and is leading the project to remake the historic precinct. Minister for Business Precincts Martin Pakula said this important first step will help transform the old Holden factory into Victoria’s manufacturing future.
Forecast to be capable of supporting up to 30,000 STEM jobs by 2051, the district aims to encourage collaboration between industry and academia as it will house the University of Melbourne’s School of Engineering from 2024.
“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,” he said
“It will also strengthen our state’s capacity to commercialise new ideas a foster new business ventures.”
The precinct will cement Victoria’s status as a powerhouse of advanced manufacturing and will support high-paid innovation jobs in defence, aerospace, clean energy, and transport.
For more information on the project, visit https://www.fishermansbend.vic.gov.au/