BOOST FOR INVESTMENT IN CENTRAL DANDENONG
The Victorian Government is stimulating investment in Central Dandenong by removing the five per cent infrastructure recovery charge from developments on privately-owned land and allocating $80,000 to the Greater Dandenong City Council through its Streamlining for Growth program.
Member for Dandenong, Gabrielle Williams, said removing the charge will provide economic stimulus by encouraging increased private sector investment in large scale commercial and residential development, while the $80,000 grant will help identify barriers to investment and find new ways to streamline development of Central Dandenong.
The decision to remove the infrastructure recovery charge was taken following an independent assessment and consultation with the development sector and the City of Greater Dandenong.
Investors undertaking developments on privately-owned land within the Revitalising Central Dandenong declared project area will no longer have to pay the five per cent levy when they apply for building permits – representing a saving of $500,000 for every $10 million of investment.
The Revitalising Central Dandenong project is being delivered by Development Victoria on behalf of the Victorian Government and has already attracted almost $700 million in private investment and created jobs in central Dandenong at the Australian Taxation Office, State Government Services Hub, Quest Apartments and a new Council Civic Centre.
In addition, a further $600 million will be invested into the Dandenong economy over the next 15-20 years with the announcement of Capital Alliance as the successful developer to deliver a new mixed-use development on
Development Victoria-owned land next to the Dandenong transport hub.
The infrastructure recovery charge will continue to apply for developments undertaken on land currently owned or controlled by Development Victoria. The charge ceases to apply altogether in December 2026.
The Streamlining for Growth Program is funded by the Victorian Government and managed by the Victorian Planning Authority. For more information go to https://vpa.vic.gov.au/streamlining-for-growth-program/
Quotes attributable to State Member for Dandenong, Gabrielle Williams
“Encouraging investment and development as a way of rejuvenating Dandenong will create jobs and stimulate economic activity.”
“Dandenong is seen as the capital of Melbourne’s south-east corridor and we want to attract developments that activate local spaces and provide an economic boost to the region.”