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.

Approved and prioritised by the State Planning Minister, Vicinity Centre’s Bayside Centre will create an eight-storey office development at 12 Balmoral Walk in Frankston. The $116 million Balmoral Walk includes 14,037 square metres of office floor space with 1772 square metres of retail floor space at ground level with frontages to Keys St, Shannon St Mall and Balmoral Walk.

A nine storey $45 million development at 1-2 Plowman Place 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. As the horizon can be seen from every level of the building, it will be marketed as Horizon Apartments. Construction planned for 2021. A builder has now been appointed and construction is due to start at the end of July 2021.

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.