The City of Melbourne's 2014-15 Annual Plan and Budget will attract the attention of Australian property investors looking to cast their proverbial net in order to build up their portfolios.
A range of initiatives show the area's commitment to "people, places and open spaces", according to an official statement.
Parklands, pools, and bicycle lanes will be improved, while the council is also retrofitting buildings with solar arrays.
The collective impact of the raft of infrastructure initiatives makes investing in property in the area a welcome prospect.
Funding flows into Melbourne
The 2014-15 Annual Plan and Budget lists a number of investments that will improve infrastructure across the city - some of the proposals being multi-million dollar projects.
The area's parks and gardens will receive a $6.4 million facelift, while a further $1.5 million will go to planting 3,000 trees to the Victorian capital, as part of the city's Urban Forest Strategy. A core goal of the strategy is to increase the tree canopy cover to 40 per cent by 2040.
Carlton Baths will get a $1 million redevelopment, while Docklands will receive further funding, both towards its Community and Place Plan and its Family Services and Community Boating Hub, which is located at the junction of Bourke Street and Collins Street.
The Kensington Town Hall will receive improvements that will cost over half a million dollars, while critical works upgrades and continued engagement and development plans will improve the cherished Queen Victoria Market.
"We have taken a responsible approach to implementing the second year of our vision for Melbourne as we prepare for the renewal of the Queen Victoria Market, a project that requires careful and clever planning," Lord Mayor Robert Doyle noted in a media statement.
Focus on clean, green transport
Alongside these initiatives, the City of Melbourne is also directing its attention to alternative transport methods.
Tenants living in the city may be attracted by the prospect of cycling around the creative, vibrant city. The Bicycle Plan 2012-16 will continue to be rolled out, with the 2014-15 Annual Plan and Budget making a number of commitments to this scheme.
For instance, $1.14 million will go towards Flemington Road bike lanes, while over $1.3 million will be spent across Arden Street, Lorimer Street and Upfield train line upgrades to ensure cyclists have safe, efficient ways to get around the city.
What does this mean for investors?
The focus on creating a city for the future is clear, giving investors the opportunity to look ahead when it comes to wealth creation.
The sheer array of initiatives, backed by solid funding, may see property soar in demand in the years to come. Getting a foot in the door now could pay off later.
Plus, it's no secret that tenants love inner-city locations and quality facilities!
