Fishermans Bend vital for Melbourne’s future growth

There must be something in the water in Melbourne. Not only is this east coast capital city ranked as the world’s most liveable city for six years in a row by The Economist Intelligence Unit’s Liveability Survey, it is also Australia’s fastest growing capital city and set to become Australia’s biggest.

Over the next 35 years, the population of Melbourne is expected to increase by 95,000 people every year, by which time Melbourne will have grown to almost double the size and house 7.7 million residents.

With vast opportunities for shopping, sport, culture, dining and recreation all on your doorstep, it’s easy to see why so many people flock to Melbourne for work, leisure as well as to purchase a new home.

However, to ensure that Melbourne continues to stay a highly liveable city, work must be done now to ensure the city does not lose its appeal in the years to come.

Fishermans Bend is the next step in Melbourne’s growth story and will play a vital role in securing new high value jobs for Victoria, building on its legacy of world-leading technology and innovation.

So what is Fishermans Bend?

Covering an area approximately 485 hectares in size within the heart of Melbourne, Fishermans Bend is Australia’s largest urban renewal project and covers an area more than twice the size of the current CBD.

Comprising five precincts across two municipalities – the City of Melbourne and the City of Port Phillip, Fishermans Bend will also connect Melbourne’s CBD to the Bay. Three precincts can be found within the City of Port Phillip (Montague, Wirraway and Sandridge), whilst two precincts are located in the City of Melbourne (Lorimer and Fishermans Bend Employment Precinct).

Not only will Fishermans Bend become a great place to work, invest and do business, it will also be a great place to live with all types of housing available, adding a sense of character to the area.

It is anticipated that Fishermans Bend will complete by 2050 and will be home to approximately 80,000 residents, as well as providing employment opportunities for up to 60,000 people.

Fishermans Bend to set new benchmark for 21st century living

This exciting new Fishermans Bend project is also expected to set the benchmark for 21st century living.

New benchmarks will be set for inner city urban renewal, in respect to economic prosperity, sustainability, design, smart urban management, community service provision, as well as active and public transport.

Some of these new benchmarks include:
  • 80 per cent of transport movements to occur via public transport, walking or cycling
  • Primary and secondary schools across Fishermans Bend
  • Open space within 200 metres walking distance for all residents and workers
  • Minimum of one activity centre in each precinct including retail, jobs and community services
  • Diverse and affordable housing opportunities
  • An integrated transport strategy including cycle paths, tram lines and an underground rail line.
  • Delivery of catalyst projects – the Ferrars Street Education and Community Precinct is just the first of these to be rolled out.

Why we need to get Fishermans Bend right

This 485-hectare site will be key for Melbourne’s future planning policies as well as housing 80,000 residents over the coming years. Therefore, it is essential that Fishermans Bend is carefully thought out with early provision of public transport and infrastructure to appeal to new residents, whilst schools, retail, entertainment and public spaces are close to hand to provide easy access to daily requirements.

A closer look at Fishermans Bend Precincts



Wirraway

The Wirraway precinct of Fishermans Bend has already been identified for its family friendly appeal within an urban neighbourhood. Here residents can enjoy walking and cycling tracks alongside extensive amenity includes cafes, restaurants, retail and small businesses. This precinct will have a community feel with great transport connections.

Montague

Montague will be a diverse and well-connected mixed-use precinct with a variety of buildings. There will be a strong focus on residential and office activity, with the majority of buildings expected to be high-rise, similar to the CBD. There will be two neighbourhoods, each with its own character and identity and getting around will be easy via light rail and high frequency buses.

Lorimer

The Lorimer precinct at Fishermans Bend is all about healthy and diverse lifestyle choices, with easy access to the river. Go walking and cycling, whilst public transport easily connects you to the city, the Docklands and further afield. There will also be water transport links from Lorimer to the CBD, Docklands and the Employment Precinct.

With plenty of green spaces, it’s easy to get around by foot, whilst provides a recreation corridor at the same time.

Sandridge

Sandridge is a precinct that enjoys excellent access to the CBD, and will be one of Melbourne’s premium office and commercial locations.

Not only will professional services and creative businesses be attracted to Sandridge, the precinct will also provide high quality, vibrant streets and public spaces, all well served by public transport, walking and cycling tracks.


Employment Precinct

The Employment Precinct of Fishermans Bend will be a world-renowned location for innovative industries and set to attract international investment and producing world-leading research, engineering, technology and products.

Strategically placed, this makes an attractive location for highly skilled professionals to work, whilst world-class transport and IT infrastructure will enhance the daily experience for both workers and visitors alike.

Work is currently underway on the Fishermans Bend Framework, with release to the public anticipated over the coming months. A Planning Scheme Amendment will also be prepared to implement the Fishermans Bend Framework in the planning schemes of the City of Melbourne and the City of Port Phillip. This is expected to occur in 2017.

To learn more about Melbourne’s future growth and the importance of buying a property today whether as an owner occupier or an investor, why not get in touch with the iBuyNew team for further explanation. Call us on 1300 123 463 for a detailed insight into the Melbourne property market and what this new major development means.
Published on 10th of October 2016 by Marty Stanowich
Marty Stanowich
Marty Stanowich

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