Last week we released the Albury 2018-19 Development Monitor and it paints a positive picture of the city’s ability to support industrial and commercial business growth.
Investment in construction (both residential and commercial) was significant at $163 million for 2018-19, just shy of the 10-year average of $164 million. Some of the major industrial and commercial developments throughout the year included upgrades to the Albury Wodonga Private Hospital ($30 million), Japara Albury Aged Care facility ($5million), and the Ettamogah Rail Hub ($7.6million).
In the past five years, more than $932 million has been invested in construction across the city, with 75% attributable to residential development. This strong investment in residential construction provides evidence that we are a growing regional city.
To support this population growth, we work closely with vocational and tertiary education providers including Charles Sturt University, TAFE NSW and Training Services NSW to ensure appropriate skills are available in our city for existing and future industry.
About half of the 98 vacant industrial lots created throughout year were located in Thurgoona. This growth is consistent with our plans for the future development of the Thurgoona Wirlinga precinct.
Our Albury Retail Development Strategy 2015-2025, estimated that the city will need an additional 22,800m2 – 39,400m2 of retail floorspace over the next 20 years. In just four years 23,687m2 has been added, with the majority (18,777m2) located within the Bunnings megastore on Drome Street in East Albury.
Mayor Kevin Mack said Council remained committed to maintaining affordable vacant land to meet residential and non-residential market demand.
“Proactivity in developing a strong supply of land for businesses and residents has long been on our agenda,” he said.
“Having successfully developed a number of industrial precincts, we know that affordable land is key to attracting new business, while supporting those existing businesses who are looking to expand their operations.”
The Albury Development Monitor 2018-2019 identifies that the city is on track to meeting demand across all land categories. The report also highlights the significant development occurring across our outstanding city.
With this information at hand, we can understand how the city is developing, ensure that planning and infrastructure investment is well informed and shape the future of our city.