INDUSTRIAL land for Bendigo needs to be spread across multiple sites, the Victorian Planning Authority believes.
Chief executive officer Stuart Moseley and board chair Jude Munro said there needed to be choices and diversity available to businesses interested in operating out of Bendigo.
The City of Greater Bendigo is still assessing its options as it works with the VPA to develop its new Industrial Land Development Strategy.
Council strategy and growth director Bernie O'Sullivan said the council was keeping a 'very open mind' about whether to focus on a single parcel of land, or multiple.
It was considering the feasibility of sites within the city's boundaries and beyond, as industrial land was needed not just in Greater Bendigo but also in its neighbouring shires.
"The City of Greater Bendigo has an open and flexible view as to how to drive much-needed industrial land into the future," Mr O'Sullivan said.
He expected a draft strategy to be released mid-year.
The council's existing industrial land strategy is almost 17 years old.
Mr O'Sullivan said business and trends had changed quite a bit in that time.
The council had planned to develop a business park in Marong, but attempts to forcibly acquire a portion of farming land from the Carter family for the project were last year rejected by the state government.
A recent analysis found there was a total of 120 hectares of industrial land available within the municipality.
But not all of the land might be suitable for development, as much of it is fragmented or close to housing or other sensitive uses.
The city stands to miss out on at least 688 jobs if it can't find more industrial land.
It needs to source at least 90 hectares of suitable land in the next 10 years to meet 'business as usual' demand.
One to five hectare sites are expected to be exhausted by 2027, or sooner.
The city has identified a short-term need for industrial land to meet demand from existing businesses seeking to expand or relocate.
Eighty-five per cent of Bendigo residents work locally, Victorian Planning Authority data states.
The city is home to about 45,000 jobs.
"There should be a sense of confidence around Bendigo because so much has been delivered," Ms Munro said.
Mr Moseley said Bendigo had great bones for growth.
He said employment and housing opportunities would be essential to the city's development, noting a need for more diverse housing.
Bendigo's population is expected to grow to 120,985 by the end of the financial year.
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