Economic Development Strategy
Recent Developments
In recent years, business parks have been established and expanded not only on vacant 'greenfield' sites, but also through the renewal of older or under-utilised industrial, commercial or public areas.
The development of Axxess Corporate Park in Mount Waverley is a good example of a 'greenfield' development. The completion of the Wellington Business Park provides a model of renewal of the former Besser Brick site in Mulgrave. Other business parks include Adamco in Highbury Road; Central Park, Omnico and Waverley Gate Business Parks in Ferntree Gully Road, Compark in Wellington Road, and Enterprise Park in Glenvale Crescent, Mulgrave.
Landmark office developments also are occurring along Springvale, Blackburn, and Ferntree Gully Roads. The interest in creating office boulevards as well as redeveloping older residential, commercial and industrial sites provides Monash with a unique opportunity to attract commercial developments of world class standard.
Activity centres have developed as a major focus in Monash. In recent years, substantial redevelopment has taken place at Glen Waverley with many new retail and entertainment outlets along Kingsway. The extension to Council's multi-deck public car park in Bogong Avenue, the three storey office complex on former Council land in Montclair Avenue, and the development of a six storey office and hotel development next to the municipal offices demonstrate that the centre is growing as a premier entertainment, retail and commercial hub.
The Monash Enterprise Centre in Mulgrave, a small business incubator facility sponsored by Council, continues to operate successfully in providing a start-up facility for businesses. The opening of Stage 2 in March 2007 is indicative of the interest in and support for this facility.
The centre is used to host a number of Victorian Government small business training and business counselling programs. Monash is involved with other Councils and agencies with respect to the Technology Capabilities Alignment Project (promoting awareness and business opportunities within and around the Monash Precinct Special Activity Centre and Facilitating the growth & clustering of biotech companies).
The continual upgrading of major road transport infrastructure in Melbourne also has improved Monash's economic performance. The construction of Eastlink connecting the Eastern Freeway with Frankston and the Mornington Peninsula, together with the ongoing upgrade of City Link and the Monash Freeway is providing faster links for local businesses to distribute goods to national and international markets via the Port of Melbourne, Melbourne Airport and interstate freeways.
Key Economic Development Issues for Monash
The economic environment in Monash will be influenced by a number of key factors and issues including:- Further globalisation requiring businesses to achieve world best practice
- Pressures for greater environmental sustainability of businesses in areas such as waste management, recycling, building design and operation, and transport usage, particularly with higher energy prices
- Pressures and opportunities for greater export development by local businesses
- Increasing reliance on 'intellectual capital' and global competition for 'knowledge workers'
- Decline in traditional manufacturing and the resultant development of unused manufacturing sites for appropriate new uses
- Growth of service industries in association with industrial and manufacturing activities
- Growth in electronic commerce with increasing importance of business-to-business e-commerce
- Need for appropriately skilled labour to meet new skill requirements in many industries, associated with skill shortages in some sectors
- Improvements in transport infrastructure particularly along the Eastlink Corridor, coupled with higher traffic volumes on many roads in Monash making accessibility more difficult
- Economic changes within Melbourne’s South-East Region
Published: 29 October 2007
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