FRANKSTON: Business momentum grows
Frankston City Council says that it has seen positive economic activity at a local level, with 639 new businesses registering for GST in the past 12 months.
“Investor confidence in Frankston City can be seen across the full spectrum, from a resurgence of fledgling start-ups to established national franchise chains, to sizeable private investments in commercial and industrial precincts,” said a Council representative.
“News of multiple multi-million dollar private-sector housing developments in the city centre has undoubtedly prompt-ed a renewal of interest amongst businesses, with 770 new apartments due to add huge uplift to the local customer base.
“The Sporting Globe is the latest big name to join Frank-ston’s Wells St hospitality offerings alongside TGI Fridays, San Churro, YOMG, Martini & Co, and Grill’d. “Other recent and imminent major brands include Moon Dog Beach Club, Starbucks, Planet Fitness, Fukutontei Ramen, 105 Deg Korean BBQ, Benny’s Smokehouse and two new Guzman Y Gomez branches amongst others.
“Meanwhile smaller players are following suit, with local entrepreneurs capitalising on the momentum of change.
“Locally owned start-ups Blak Fig and Project One cafes have spotted the opportunities on the rapidly evolving Nepean Highway. “Around the corner, at the Playne and Young Street intersection, boutique enterprises such as Commonfolk café, Self Made Salon Studios, George & Matilda Eyecare and Minty Greenhouse are bringing some style and class to a formerly underutilised space.
Frankston City Mayor Cr Kris Bolam ([pictured) says: “It’s incredibly gratifying, but not entirely surprising that Frankston City is experiencing an unprecedented resurgence of investor confidence, which is translating into some rapid-fire business openings this year. “The drivers of growth are obvious. Huge Federal and State Government investment in new infrastructure such as the new hospital development, Chisholm TAFE, commuter car parks and the Frankston Stadium; Council’s endorsed FMAC Structure Plan and secured funding for a revitalised Nepean Highway; an insurmountable $506 million in private property development; a booming local real estate market; Council’s bigger and better major events program enticing visitors from far and wide. “Frankston City’s annual Gross Regional Product is now at $9.6 billion, steadily increasing from $7 billion in 2020.
Top industries, or those with the highest economic value, are:
• Healthcare and social assistance: $1.37 billion
• Rental, hiring and real estate services: $1.37 billion
• Construction: $1.06 billion
• Manufacturing: $580 million
• Electricity, gas, water, and waste services: $550 million
• Education and training: $511 million
• Retail: $502 million
$500+ million worth of approved projects will deliver 770 apartments