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Melbourne’s capital city zone will eventually be expanded by more than 50 per cent when 240 hectares of land are rezoned, the Victorian government announced yesterday.
The rezoning is expected to accommodate around 25,000 jobs and 50,000 residents.
Frank Callaghan, managing director of FrankReal Estate, said that the rezoning would comprise of two separate projects – the Fishermans Bend area, which was a long term project that could take up to 25 years, and the Montague area, which was far more imminent.
“The only way that an investor could get in at the moment would be to purchase an industrial property and wait for it to be rezoned,” Mr Callaghan said.
“People have been doing that."
He added that the developments were “wonderful” for the area’s property market, and that the planned mixture of older building and new complexes was “doable and well designed.”
Minister for Planning Matthew Guy said the project would lead the way for Melbourne to be an Australian leader in inner city urban renewal.
"The area will be home to high rise residential towers, modern terraced townhouses, campus-style offices, warehouse lofts, a vertical school, small laneways, local parks, new art galleries, and all kinds of new opportunities.
"The site is in the best location for high density living, being within easy walking and cycling distance of the CBD, and on the doorstep of the 109 tram and the Westgate Freeway."
The Fishermans Bend urban renewal area will have four precincts:
• Lorimer Precinct is located in the City of Melbourne on the eastern side of the Bolte Bridge between Lorimer Street and the Westgate Freeway
• Montague, Sandridge, and Wirraway Precincts are in the City of Port Phillip
In a first for the Capital City Zone, there will be increased rights for residents, with notice and review rights for uses which may be of community concern in the rezoned Fishermans Bend area.
The plans for Fishermans bend are currently in consultation with the community.