Planning Minister Matthew Guy this week rezoned 22 hectares of land for the Mt Helen project, expected to create 1000 jobs in the construction phase and 1600 jobs over 10 years following completion.

With 30 companies and organisations on site, the park currently employs more than 1500 people and acts as an information and communications technology hub.

The planning minister said the rezoning approval was a vote of confidence in Ballarat as a centre of innovation.

“One of the largest and most significant of its kind in Australia, the technology park is renowned for fostering innovation, the sharing of ideas, resources and infrastructure,” Mr Guy said.

The expansion is set to cost $155 million and once completed the park is expected to contribute more than $700 million annually to the Ballarat and Victorian economies.

Work on the expansion will begin before the end of the year.

Technology Park Director Mal Vallance said UB was already in discussions with two potential tenants for the new development.

“The University of Ballarat has provided significant leadership around creating wealth, creating jobs and in engagement with industry,” Mr Vallance said.

“We will be trying to get our existing tenants within the park to continue to invest in the precinct and we will be aggressively marketing in Melbourne, Sydney and potentially overseas to technology-based enterprises.”

He said companies were attracted to low-cost opportunities outside metropolitan centres, and sought local graduates who could provide skilled labour.

“Critical mass attracts other investment, and it is easy to convince people to come to a place like Ballarat where we are already established,” Mr Vallance said.

The land rezoning was required to address flora and fauna protection and bushfire risk, but Mr Vallance said established trees at the site would be preserved, with an under-utilised sports oval to be redeveloped.