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The Many Advantages of Wollongong

Release Date: 18/11/2016
Today’s launch of the Advantage Wollongong Investor Prospectus provides further information on the many competitive advantages of investing in Wollongong.

Illawarra Business Chamber Executive Director, Chris Lamont, said Wollongong and the Illawarra region is experiencing an exciting transformation. Many new industries and businesses are looking to leverage the competitive advantages of the area and this is seeing a real transformation.

The Investor Prospectus produced by Advantage Wollongong unites a number of key stakeholders and is an important document in promoting and raising awareness of the opportunities for investment and business in Wollongong.

“It is important to provide business with evidence to assist them in making investment and business decisions.  The prospectus highlights the growth of a number industry sectors and provides valuable information on the indicative costs of operating a business in Wollongong relative to Sydney, as well as information on some of the key strategic assets including Port Kembla and the University of Wollongong,” said Chris Lamont.

Research included in the Prospectus details that in relation to the Shared Services sector in Wollongong, salary costs are 85% of Sydney. Office rental costs are 50% of the Sydney CBD and staff retention rates are 95% in Wollongong compared to 75% in Sydney.

“Wollongong provides many advantages for business, particularly in regard to reduced operating costs. On top of this there is, of course, the ‘lifestyle factor’ which is so important in attracting and retaining quality staff,” said Chris Lamont.

The cost of living is also highlighted in the Investor Prospectus as a significant competitive advantage for business with houses and units priced 35 – 40% less than the greater Sydney average.

“The Illawarra Business Chamber is delighted to be part of this initiative and we look forward to continuing to work with Advantage Wollongong in securing more investment for the city and the region,” said Chris Lamont.

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