LATEST INVESTMENTS

Frankston Commons is a new $28 Million 9 storey mixed use development. The development includes ground floor/mezzanine for retail/hospitality of 512 sq. m and 6 floors of grade A offices, providing 6,294 sq. m of new space, as well on-site parking for 67 cars.  The development will also feature extensive provision of bicycle and (EOT) – end of trip facilities – showers/changing etc., catering for the move towards active modes of commuting.

Frankston Hospital will soon undergo a $605 million makeover. The much-needed expansion is set to transform the region’s medical services and include a multi-level tower, an extra 120 beds and specialty services. The public-private partnership plan, will also include two new operating theatres and 13 new emergency department beds, new oncology services and dedicated space for specialised mental health services. Three consortia have been shortlisted to prepare proposals to deliver the Frankston Hospital redevelopment. Construction of the main tower is due to be complete in late 2024, and the redeveloped hospital treating patients in early 2025.

Vicinity Centres has taken a significant first step to transform Bayside Centre into a diverse mixed-use precinct, revealing approved plans for a new state-of-the-art, 8-storey A-Grade commercial office building which is now in market for an anchor tenant. 12 Balmoral Walk will include approximately 14,000-square metres of office space, including; bay views, campus style floor spaces between 1,352sqm-2,440sqm as well as external terraces, car spaces, end of trip facilities and ground floor dining and retail spaces. The development will add more than $50M to the Victorian economy during construction and bring more than 1,400 local jobs to Frankston CBD on completion.

Construction is now underway for a nine storey $45 million development at 1-2 Plowman Place.  Known as Horizon Apartments, as the horizon can be seen from every level of the building will provide a major boost to the City Centre, and assist with the recovery from the COVID-19 crisis. The development will provide 79 apartments, 800 jobs to the area and is the latest project from developer Urban DC.

Just a short drive from Frankston CBD, a $160 million investment by ISPT Super Property, is well underway at Karingal Hub. Stage 1, a new food precinct, featuring more than 28 fresh food and speciality retailers, opened at end of June 2021, with further phases scheduled to complete during the remainder of 2021. A huge boost for the region, the redevelopment of the centre will see more space for retail outlets and restaurants plus existing shops at the centre will get a facelift. The project has created about 200 jobs during construction and 300 full ongoing and part time jobs are expected. The plans include an additional 762 car parking spaces.

The campus has recently completed a Stage 1 $85 million redevelopment that includes new state-of-the-art facilities for Health, Community Care, Early Childhood Education and Hair and Beauty and redeveloped trades facilities and a new Centre for Advanced Manufacturing, including an industry-driven and purpose-built, flexible, integrated Design Centre. A further $68 million stage 2 will provide new learning hubs for courses which respond to growing local industry needs and will relocate existing classrooms and workshop areas to provide a modern learning experience.