The Fishermans Bend Innovation Precinct development will receive $179.4 million from the Victorian government, to support the first stage of the CBD-edge transformation and create thousands of new jobs.
This first step will involve the remediation of the 32-hectare former General Motors Holden site – an area equal to 15 MCGs – and the installation of crucial infrastructure and services to make an investment-ready precinct. In three years, a new road will link Salmon Street and Todd Road, passing a new public park.
“The old Holden factory is part of Victoria’s manufacturing history. This important first step will help transform it into Victoria’s manufacturing future,” Minister for Business Precincts Martin Pakula said.
“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.”
As many as 300 people will work on the project at any one time, with close to 700 indirect jobs also supported. Stage one is expected to unlock developable land capable of supporting 2,000 jobs by 2024.
The precinct will encourage collaboration between industry and academia, with Fishermans Bend housing the University of Melbourne’s School of Engineering from 2024. It is anticipated to be able to support up to 30,000 STEM jobs by 2051.
Four kilometres from the city centre, the precinct will support highly paid innovation jobs in manufacturing, defence, aerospace, clean energy and transport while strengthening the state’s capacity to commercialise new ideas and business ventures.
At the heart of the 230-hectare Fishermans Bend Employment Precinct, it is recognised as an important employment and innovation cluster which is already home to world-renowned firms including Boeing and Siemens.
Fishermans Bend is Australia’s largest urban renewal project with approximately 480 hectares that will be home to 80,000 people by 2050.
Development Victoria bought the former GMH site in 2017 and is leading the project to remake the historic precinct.