APBC director Will Deague said his company will occupy about 3,000 square metres of serviced offices in The Peninsula Centre, which it will manage and lease as its ninth business centre.
Earlier this week, the Frankston City Council called for tenders to build and operate the massive Frankston Safe Boat Harbour, near the APBC site. The harbour tender process is expected to take about 12 months to complete, paving the way for construction to start by the end of next year.
Below is a statement from the Frankston City Council:
Frankston’s 12-storey Peninsula Centre is set to become an $80 million, five-star hotel, consisting of 140 rooms and 3000 square metres of retail space.
Mr Deague, Managing Director from the purchasing company Asian Pacific Building Corporation (APBC) chose the Frankston site as a location for APBC’s next project because “it suits the culture and feel of the area. We believe this development will build on the beach type culture already in the area and provide a stunning landmark and talking point”.
Mr Deague said he drew confidence in his Frankston investment from surging property prices, the city’s waterfront revitalisation, its transit city status, increased developer interest and Frankston Council’s efforts to make the city safer.