Current and newly announced actions to unlock more industrial land around Melbourne and Victoria will provide greater market confidence and long-term clarity for investors, developers and occupiers alike, according to leading commercial real estate agency Fitzroys.
The Victorian Government’s 10-Year Plan for Industrial Land Supply has been announced at a time of critical land constraints in Victoria. More than 5,805 hectares of unzoned greenfield land has been identified for future industrial supply across 14 employment precincts - nearly 60% of this within State Significant Industrial Precincts - while the Government is also rezoning potentially thousands more hectares land to accommodate industrial uses.
Updated planning processes that cut red tape and unlock land supply faster will be piloted by the Government, which will also identify options for new supply in Melbourne’s urban growth boundary with a focus on higher-density development outcomes, and give greater consideration for rezoning proposals involving significant co-investment or third-party infrastructure funding.
“The Victorian Government’s Plan will create greater investor confidence, providing long-term clarity on where and when industrial land will be released, and giving investors, developers, and occupiers certainty to plan and commit capital and resources,” said Fitzroys Director - Agency Marco Sandrin.
Brent Glassford, Fitzroys Director - Agency, said, “The changes will support circa 100,000 new jobs and drive billions of dollars in investment through expansion of manufacturing, logistics, and other sectors, and boost support for innovation and new industries such as advanced manufacturing, AI, renewable energy, and circular-economy operations,” he said.
“This will strengthen Victoria’s competitiveness as Australia’s premier logistics, manufacturing, and export hub, building long-term economic resilience.”
In the west, land will be rezoned in Brooklyn, Tottenham and West Footscray to support the relocation of container businesses as part of the West Gate Tunnel project, and there is the intention to unlock further land in Altona North and Derrimut Fields, following on from the current rezoning of 1,100 hectares in Altona and Altona North. The Victorian Government is also looking to work with the Federal Government and Melton City Council in planning development of the Western Interstate Freight Terminal and surrounding industrial land.
Rezoning is taking place at Merrifield North and the Beveridge Intermodal Freight Terminal precinct in the north, and the Government is looking to engage with industry on options for around 51 hectares of vacant government land next to the Epping Market, while in the south the Government is reviewing the zoning of up to 2,200 hectares of land in Hastings.
Meanwhile, the Government also intends to release 10 hectares of surplus land across Melbourne to the market.