Works are set to begin on the Nyaal Banyul Geelong Convention and Event Centre precinct after the formal agreement between government and developers was signed this week.
Victoria’s regional development minister Gayle Tierney announced on Monday the Partnerships Victoria agreements between the Victorian government and Plenary Conventions had been signed.
“This project is the result of years of advocacy and community engagement to harness the potential of Geelong’s waterfront precinct, bringing long term benefits in employment and tourism that will positively impact generations to come,” Minister Tierney said.
The agreement confirms Plenary Conventions will invest $120 million upfront into the 200-room Crowne Plaza hotel, with a further $130 million to be put toward other developments in the precinct down the line.
As part of the Geelong City Deal, which is intended to revitalise the city and the region’s economy, the state government will contribute $423 million to the project, with the federal government contributing $30 million and the City $3 million.
Federal member for Corio and deputy prime minister Richard Marles said the City Deal was crucial for Geelong, which was one of the fastest-growing regions in the country.
“It’s fantastic to see this partnership agreement locked in, because it means that this transformative convention and event centre precinct is one step closer to being a reality,” he said.
“This project is supporting local jobs, will create a range of significant economic opportunities, and will give local businesses in the Geelong region the confidence to expand their operations.”
The project will create 1450 jobs during the precinct’s construction, supporting 700 new ongoing jobs once it opens.
Nyaal Banyul will be one of the first major developments under the state government’s 30-year Central Geelong Framework Plan and will include a large public plaza, hospitality spaces and a commercial office tower in addition to the convention and events centre and hotel.
It is expected to be completed by 2026 and is forecast to attract up to 300,000 additional overnight visitors to Geelong by 2030.
Geelong mayor Trent Sullivan said it was exciting to see the project reach another major milestone.
“The public-private partnership model is set to deliver an incredible facility for Geelong,” he said.
