Commercial retail opportunities may stem new airport
A new domestic terminal for Avalon Airport may encourage commercial retail property investment in ...
A new domestic terminal for Avalon Airport may encourage commercial retail property investment in the region.
Increased passenger volumes is a great gauge of economic activity for urban centres and recent data shows that Victoria's capital is attracting more and more people.
"Melbourne Airport’s figures show almost 1.7 million domestic passengers passed through the terminal last month – an increase of 2.5 per cent on the previous year," said aviation minister Gordon Rich-Phillip.
The billion dollar investment will likely bring employment and retail opportunities throughout its construction over the next five years, as well as after its completion.
The current supply of retail commercial space is low in Melbourne's city centre, so the new terminal may encourage increased growth in the city's outskirts.
Potential for residential and commercial property investment could present itself as the local area expands and attracts residents.
Treasurer Kim Wells was positive about the development and its meaning for the wider economy.
"Strong passenger growth is driving infrastructure investment from both government and the private sector," he said.
As part of an overall strategy to generate jobs, the new airport terminal is a major step put forward by the government.