Struggling land owners in Victoria will soon find relief, following the introduction of new planning zones yesterday, according to the state government.
Planning minister Matthew Guy has announced reforms to Victoria’s existing business and industrial zone regulations designed to drive employment, productivity and growth.
In addition, the changes will provide a significant boost for the state’s bulky goods sector, according to CBRE.
CBRE associate director of town planning David Minty applauded the government move, which he said would remove impediments that had plagued the state’s planning system for many years.
"These reforms open the door for new land use activities that were otherwise restricted or prohibited under the previous business zones [laws], will unlock further value within underdeveloped sites and will bring new investment and growth to existing underperforming commercial and light industrial precincts," Mr Minty said.
"It really is a windfall for struggling land owners who are finding it difficult to secure a tenant. From a buyer's perspective, we expect the reforms will stimulate interest from a more diversified market and we would recommend that land owners seeking to divest should position themselves accordingly to capitalise on this."