What could the revitalised Geelong waterfront mean for your business?

The Victorian government has officially thrown its support behind the new plan to help revitalise the Geelong waterfront with a new safe harbour. Along with the City Council and the Royal Geelong Yacht Club (which will be primarily managing the site), the project has taken a huge step forward towards full realisation.

A masterplanned business development

Totalling a cost of $31  million, the Geelong Advertiser reports that the new development will feature a new wave attenuator, a maritime education hub, an event space, larger facilities and berths, a larger yacht club building and perhaps most important for local Geelong business, a number of new shopfronts.

Because of the enormous cost of the project, the Royal Geelong Yacht Club has levied money from the Victorian government, the local council and is also asking for a $3 million donation from funds attained through tax. They are also contributing $3 million of their own funds as well, making up another $12 million by selling berthing space.

Effect on local enterprises

These new business premises could be extremely beneficial for people looking to open their own enterprise or for existing SMEs to expand or shift their premises. Victoria has already had a bumper year for new business openings according to Australian Bureau of Statistics data, with an increase of 1.6 per cent from June 2014 to June 2015.

More room could well capitalise on this increased interest and play a major part of many business development strategies across Geelong.

The new development is also pegged to help draw in more tourism money as well as double down on Geelong's reputation as The City of Sails, making it one of if not the most primary destinations for sailing enthusiasts.

Is your business ready for the potential new waterfront? Come and talk to the small-business consulting experts at WMC Accounting and find out how we can help you prepare for nearly any business eventuality.