Almost $200 million will be spent in the redevelopment on the GM Holden site at Fishermans Bend in Port Melbourne with funding included in the state budget. From 2024, the 32 hectare site will be home for the University of Melbourne’s school of engineering just four kilometres from Melbourne CBD. The first stage of preparing the site for development will cost one hundred and $80 million as Business Precincts Minister Martin Pakula says when investors come they will see it is a ready-to-go site.