Frankston City is more than just a beautiful bayside capital. It boasts over 45,000 local jobs, almost 10,000 local businesses, a Gross Regional Product (GRP) of $6.18 billion and last year alone the City produced $2.47 billion worth of exports. As the City emerges to become a bayside business hub the time is right to make Frankston your corporate destination.
An Emerging Business Hub
Frankston City is emerging as one of Melbourne's best connected business hubs. It represents the start of the Mornington Peninsula experience and is connected to the east and south-eastern suburbs via $1.7 billion worth of major arterial roads that have opened since 2008 (EastLink and Peninsula Link). Frankston enjoys an abundance of public car parking, public transport and a variety of retail and food outlets. In addition, new State Government policy recognises Frankston to be a Metropolitan Activity Centre (MAC). Council’s Structure Plan supports office development in the MAC, identifying areas most suitable for development that are that close to beach, walking distance to public transport and in close proximity to a vast array of businesses.
Plan Melbourne – Frankston, a Metropolitan Activity Centre
Plan Melbourne is the Metropolitan Planning Strategy for Melbourne’s growth to the year 2050. The key objectives of the strategy are to create 20-minute neighbourhoods and a polycentric city model. The principle of the 20-minute neighbourhood is that residents can access employment, health, education and all other amenity within a 20-minute radius. Plan Melbourne provides direction in identifying which areas in Melbourne will undergo change, with a view to overcoming issues such as accessibility, congestion, affordability, climate change and rural encroachment. This is important in understanding infrastructure investment that supports city growth, particularly identifying areas that will attract a pipeline of investment opportunities. Along with Dandenong, Footscray, Fountain gate, Epping, Sunshine, Ringwood, Broadmeadows and Box Hill, Frankston is also recognised as a MAC.
MAC’s aim to maximise access to goods and services in a limited number of major centres with good public transport networks. These centres will play a major service delivery role, including government, health, justice and education services, providing a diverse range of jobs, activities and housing for a subregional catchment.
“These centres will play a major service delivery role, including government health, justice and education services, providing a diverse range of jobs, activities and housing for a subregional catchment.” (Plan Melbourne, 2013)
The Frankston Activity Area (now known as MAC) encourages a mix retail, office and medium density residential use. The Draft Structure Plan highlights specific areas in Activity Area ideal for office development.
The areas highlighted in blue on the map (click on the images below) are considered most suitable for office use and development. A combination of large and smaller boutique office developments are encouraged as well as mixed use developments, with retail/hospitality uses to activate ground levels.
Frankston a Corporate Destination
Frankston is strengthening its position as the preferred corporate employment destination for the south east growth corridor, with population expected to exceed 157,000 by 2036 – growing at a rate of 10.85%.
The residential growth corridor provides a pool of workers for established and emerging nodes such as the FMAC and Carrum Downs abd Seaford industrial precincts. South East Water head office demonstrates this as studies reveal the centroid of South East Water's workforce is located in Seaford.
Opportunities in Health
Health is the largest employer in the municipality with over 9,180 jobs, being 1 in 5 jobs in the health sector. Whilst already positioned as a Health hub, Council continues to receive enquiries for new Health businesses looking to relocate to Frankston. The FMAC, just a stones throw from Frankston Hospital (public) and Frankston Private Hospital and ideally positioned to service the Peninsula and Southeast suburbs, can provide opportunity to new entrants offering complementary Health services and related administrative offices.
Demand for Quality
Council’s annual audit of commercial properties has revealed there is a strong demand for quality office space in the Frankston city centre.
This is best illustrated by the occupancy rates differential. Offices with a high quality internal fit-out and external finish in the area have 89% occupancy rate. This rate is significantly higher than much of the dated office stock throughout Frankston, demonstrating that the market is demanding new office buildings with a fresh fit-out.
The newest addition, the Asian Pacific Serviced Apartments is one such example of a high quality office space. Other modern office buildings include the Landmark Building, Dolphin House, Frankston Corporate Centre and the Frankston Business Centre.