People living in Coburg property will soon benefit from a major new precinct development, the Victorian government has recently hinted.
Minister for planning, Richard Wynne, announced on 25 September that the state government is on the brink of giving the green light to plans for a retail, residential and jobs precinct in Coburg. This will help Coburg flourish into a "major activity centre" in the inner north of Melbourne, according to the government's statement.
The bulk of the plan involves revamping an under-utilised section of Coburg into a new hive of activity, with the hopes of stimulating economic growth and employment opportunities. Major developments are planned over the next two decades, with nearly a billion dollars' worth of investment being poured collectively into them.
The funding will be roughly split in half between private developments and community and infrastructure projects. This will include crucial amenities such as a private hospital on Bell Street and mixed developments on the former Coburg High School site.
Mr Wynne reassured those with real estate in Coburg that the community impacts from the developments would only be positive.
"We're planning for Melbourne's future growth through smart and sustainable development. Clear plans will allow for Coburg to retain its character and liveability while encouraging future housing and economic growth," he said.
"Rezoning land for activity centres identifies the best locations for development, giving business, investors and residents certainty about how suburbs will evolve over time."
With such a large-scale and exciting project in the pipeline, people living in – or looking to move to – Coburg have reason to be optimistic. In addition to a host of new community facilities to take advantage of, the development should bring with it more convenient housing, more jobs and economic prosperity overall.