Purchasing in VIC - Frankston Area

No doubt Frankston has strong prospects and positives going for it, and those who have invested there have done their due diligence, but it appears Eastlink, Government spending, talk of the marina, etc, etc are not helping at all. One wonders what else needs to happen for this area to take off or at least stabilize.[/QUOTE]

Fair comments Bludger. Frankston is a "sleeper suburb" currently in transition with many fringe developments on the go and set to happen (regardless of
world economic circumstances) which will have a positive flow on effect.

Existing and new zoning precincts are proposed and being massaged in areas from Frankston CBD to Cranbourne Rd / freeway intersection (heeps of fprmer
residential zones are now on the market for high density residential and
commercial development) including other pockets throughout Frankston.

People need to see the physical product in place and not just talk, to spur
on confidence and progress in a area (Frankston and surrounds).
I think the Marina and Bi-pass will get the green light to nominating a
developer this year - but its a question financing to proceed

Forgetting the pro's and con's that new developments can bring to a area,
Council is constantly improving streetscapes, shopping vistas, parks
foreshore etc..... You may not notice these changes at first, but some days you find yourself in a area and think this great - council have done a really good job and its happening every where in Frankston. So I think while all
these sublime improvements continue the commercial developments will
follow

SS
 
it IS happening (finally)

Patience Buzzlightyears. The monies involved for the marina are not huge and there are a number of overseas yacht clubs that are attempting to obtain FIRB approval before they can put in their tenders. Like the laggard suburbs that surrounded Marina Del Ray in LA, Frankston will do very well once construction actually starts.
 
newhigh said:
Patience Buzzlightyears. The monies involved for the marina are not huge and there are a number of overseas yacht clubs that are attempting to obtain FIRB approval before they can put in their tenders. Like the laggard suburbs that surrounded Marina Del Ray in LA, Frankston will do very well once construction actually starts.
Click to expand...

Not huge??? - $75m+ I wouldn't call loose change newhigh, particuarly
in these times. Question - what is FIRB?
 
oi oi oi - no we can't

Yes, foreign money wants to find a home in the proposed Frankston Yacht Club: $75m isnt exactly a huge sum in international terms. The argument for foreigners wanting to invest in Australia is compelling. But wait.......they can't!

We Aussies can freely buy houses in the USA or Japan or even in most EU countries. That's fair and most civilized foreign governments welcome our money. But overseas investors cannot do the same here without formal government aproval, a time-consuming process that turns off most potential mum and dad investors from putting their legitimate savings into Australian property. It is our loss.

So yes, foreign money wants to build a yacht club in Frankston. It may even create a few jobs. But we can't have these damn foreigners owning a piece of Frankston can we? It wouldn't be right!

For those who don't know....FIRB = Foreign Investment Review Board.
It got its legislative teeth back in 96 when shrilll, venomous but delightful Pauline was in parliament. Wonder if she watched the presidential inauguration on TV - it'd send a shiver through her jellyback boong-hating spine.
 
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revamp Breaks New Ground - Leader Newspaper - February 2, 2009

Word on the long awaited Kananook Creek Blvd has begun.

The revamp, contracted for $7.45 million - entirely State Government funded - will see the east (city-side) bank developed into a leisure precinct between Beach and Davey Streets.

The $3-a-day parking between Playne and Wells streets, has now closed and the cyclone fencing is up for the first stage: creating the boulevard between Beach and Wells Streets and the western end of Playne Street.

The boulevard, slated for completion by year's end, will include:

* A one-way road from Beach Street to Wells Street with shared foot-cycle path and indigenous canopy trees.

* Wells Street to Davey Street plaza area, upper-level boardwalk, new creek walls, more landscaping and improved boat mooring.

* New vehicle pedestrian bridge between Davey Street and Long Island for access to the yacht club and demolition of the existing footbridge.

Since being announced in 2006, the Kananook Creek rebirth plan has been subjected to extensive plublic consultation, tendering for design and construction, and council and State Government approval processes.

It is hoped a revitalised Kananook Creek precinct will attract leisure businesses such as cafes and restaurants and al fresco dining and encourage existing businesses to develop the rear of their properties.

Frankston Council CEO, George Modrich said the council had consulted extensively with Melbourne Water and the EPA to minimise the impact of construction works on the creek and surrounds.

Frankston Council has invited Planning Minister Justin Madden to launch the project at a date to be confirmed.

Toni
 
frankston north homes went up last quarter

Lots of investors are focusing on larger blocks in Frankston North, these being suitable for redevelopment. As a result, despite tough trading conditions, the median for Frankston North went up in the last quarter - even though much of Australia went down. I wonder if larger blocks in Frankston will attract similar interest.
 
council Backs Marina - Frankston News February, 2009

Frankston will benefit from Safe Boat Harbour: Mayor

The development of the Safe Boat Harbour will enhance Frankston City's place as a regional capital on the Bay and tourist destination by providing a boating and leisure centre for residents and visitors to enjoy.

Frankston City Mayor, Colin Hampton said: "Frankston is a very important boating location and our current facilities are woeful. This project has the potential to put Frankston on the map in a positive way. Protecting our pristine beach environment will be at the forefront on this development."

Recently, there have been some media reports regarding the status and scope of the Frankston Safe Boat Harbour project which are incorrect and we wish to set the record straight.

The final project costs will be determined as part of the public tender process and funded by the private sector. Current independent estimates are in the order of $80-$90 million, while funding for public infrastructure is likely to be provided by the State Government, including Olivers Hill stabilisation works (estimated at $2 million), public boat ramps and car trailer parking.

While Council has allocated $112,000 in the 2008-2009 budget in order to manage the tender process, no Council funds have been or will be budgeted towards the capital cost of the project.

Public tenders for the project will be invited mid-2009, with the likely two year time frame for construction.

This project will be carefully managed to ensure environmental controls are met. Council emphasises the Safe Boat Harbour development must:

* Safeguard Frankston beach
* Allow for at least 0.8 metre predicted sea level rise
* Showcase excellence in design
* Provide high quality public areas with strong linkages to the city centre

Frankston City's "Marina" has State Government support and in late 2008 Council voted for the project to continue and to proceed with preparing public tender documents.

To test the project's viability with the private sector, a market sounding exercise highlighted additional income generating components were needed if the project was to be fully funded by the private sector. These additional elements are captured in the Preferred Development Model which includes the following features:

* Regional boat ramp with five ramps and dual landings.
* Wash-down, rigging and de-rigging areas
* Boat refuelling area
* Minimum of 30 public overnight berths
* Up to 300 permanent we berths
* Up to 400 dry storage berths
* Associated parking and turning areas for vehicles and trailers
* Outdoor recreation facilities such as public promenades, pathways, play areas
* Restaurant/cafe, marine related retail/commercial - pleasure boating. Chandlery, bait and tackle
* Public wharf for pedestrian ferries and leisure cruise boats
* Potential tourist and commuter ferry platform with deepwater access for short term mooring
* Marine-related services, workshop and boat repairs, sale of boats and equipment
* Accommodation for local clubs and emergency services
* A maximum of 60 short-stay accommodation units

Council will take on the role of Committee of Management (Land Manager) over the area of crown land to be leased for the Frankston Safe Boat Harbour, once a successful tenderer has been selected.

Toni
 
marina tender

There is some overseas interest in wanting to build and operate the approved marina. In these difficult economic times, it would be wise for Council to make it clear that overseas tenders are welcome. Maybe advertise the same in overseas newspapers to attract more interest? The fall in the Aussie dollar means that assets here in Australia are now selling for as much as a 50% discount in foreign currency terms. Overseas investors would find this compelling - a lot safer than putting money in the bank.

It is my understanding that interests associated with the Sultan of Brunei and another middle eastern partner are interested and are doing their due diligence. Lets hope that Council takes the initiave and shows them around. Turning away cashed up investors is nearsighted.
 
Congratulations on your new home Bodybuilder, you've got it for a huge discount and you will do well in the next few years. Home is where the heart is: after years of renting, I am sure you feel better in a place that's actually your own; no more paying rent to someone else. And Seaford is the new home of St Kilda! Did that have anything to do with your move? :)
 
Thank-you newhigh :)

Unfortunately I won't be moving in until around June. Looking forward to it.

LOL @ the St.Kilda comment. Bit embarrassed to mention it these days, but I'm a die hard West Coast Eagles fan. So using that logic I would be looking around the Subiaco area. That would be one hell of a drive to work everyday! :p
 
Purchasing unit / apartment in Frankston

Hi,

What are your thoughts on purchasing a unit or apartment in Frankston?

I am looking for another investment however are only wanting it minimally negative geared.

Regards.
 
If it was an apartment your after id personally go closer to the city.

Frankston is the place to buy full sized blocks with future development potential. Just my 2 cents.

Kind regards,

Matt
 

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