A precinct dubbed “Australia’s largest urban renewal project” will be connected to the Melbourne city centre via rail, the Victorian government announced yesterday.
The Fishermans Bend area, on a peninsula to the south west of the CBD, will be the largest urban development site in Australia’s history, according to planning minister Matthew Guy.
"The precinct expands Melbourne's capital city zone by more than 50 per cent and is expected to eventually accommodate around 25,000 jobs and in excess of 40,000 residents,” Mr Guy said.
It will also be 10 times the size of Sydney’s Barangaroo project, according to Mr Guy.
At present, three planning permits have already been approved and 17 more are under consideration, meaning over 9,000 apartments could be in the pipeline, Mr Guy said.
An expansion of the rail network will provide access to the new suburbs from the existing CBD area.
The rail project will encompass tunnels from Southern Cross to South Yarra, two new underground stations, a rail link to Melbourne airport and several train-tram interchanges.
“The largest urban renewal project in Australia must have a railway station,” Mr Guy said
“Providing this vital heavy rail service to Fishermans Bend is a priority of the Coalition government and will meet the needs not only of this new community but also the expanding Southbank area.”
Your enquiry has been sent to a local Aussie Mortgage Broker.
We will be in contact with you shortly.
- Give expert mortgage advice to help you find great investment loan deals
- Help you maximise return by lowering financing costs
- Save you time and effort by helping with the paperwork