Fishermans Bend is Australia’s largest urban renewal project. The area is located 1km southwest of the Melbourne’s central business district. Fishermans Bend is being developed over the next 30 years, with the first projects completed in 2017. When complete, it will provide a vibrant, well-designed community for 80,000 people to live, work and play. It will be a compelling proposition for many purchasers. There are already great options for apartments and townhouses in the area for sale.
The masterplan vision for Fishermans Bend is to build a vibrant, healthy community that affords the space and comfort residents want with the jobs and services residents need. Fishermans Bend covers approximately 480 hectares and is divided into five precincts. Two of these, the Lorimer Precinct and the Fishermans Bend Employment Precinct, are in the City of Melbourne. The other three, Wirraway, Sandridge and Montague, are part of the City of Port Phillip.
The first project is already complete. Developer Blue Earth Group’s Gravity Tower, which fronts Montague and Gladstone streets, welcomed the areas first residents in 2017. This is the first of many residential developments earmarked or already approved for construction. Height restrictions have been imposed within Fishermans Bend to enhance the liveability of the area. Many more developments are in planning and construction stage.
The Fishermans Bend precinct will be a mix of medium and high-density housing and commercial real estate. This will be offset by large open green spaces for recreation and entertainment. The first of these green spaces, Montague Park, an 8,000 square metre park with grass, seating, lighting, trees, footpaths and basic amenities is almost complete. The Victorian Government and The City of Port Phillip Council have committed to building a world-class public transport network to connect Fishermans Bend to the CBD.
Therefore only enhancing its appeal as a destination precinct for work and living. There is evidence in other major cities both in Australia and globally that urban renewal areas are in demand. Because of this we expect demand for property in Fishermans Bend to be great. As more developments and infrastructure is brought on in the area the demand for property can only increase.