Plans for a multi-million dollar industrial hub on the site of the Ford factory at Broadmeadows could bring thousands of jobs to the suburb.

Ford has sold its former manufacturing factories at Broadmeadows and Geelong to property development and investment group Pelligra. Ford has retained its research, design and engineering facilities.

Pelligra plans to build jobs hubs on the sites, which will be home to engineering and manufacturing companies.

Pelligra said the first stage of the project, which will involve the urban renewal of Ford’s manufacturing plants, will cost $500 million. It estimates 2000 jobs will be created initially across the two sites, with the first tenants expected to start work on the sites within a year.

The hubs will be known as Assembly Broadmeadows and Fortek Geelong and are based on a similar Pelligra development on the former Holden site in Adelaide.

Pelligra Group chairman Ross Pelligra, who visited the site on Tuesday, said he hoped the developments will create 5000 jobs over the next five to 10 years.

“Fortek Geelong and Assembly Broadmeadows are significant historical manufacturing sites,” Mr Pelligra said.

“Through our investment in the area, we intend to help rejuvenate and grow the local community, and create industry-leading hubs with world class innovation, engineering, and manufacturing on site.”

Pelligra Ford announcement

Broadmeadows MP Frank McGuire has welcomed Pelligra’s investment. (Supplied)

Pelligra’s plans have been welcomed by Broadmeadows MP Frank McGuire who labelled Assembly Broadmeadows as a “landmark development”.

“It is fantastic that it is not just being subdivided for housing. What we need is a jobs and industry centre,” he said.

Mr McGuire said the Pelligra Group’s pledge to create thousands of new jobs was good news for Broadmeadows, which has one of the highest unemployment rates in the state.

Latest federal government employment data reveals Broadmeadows’ unemployment rate was 19.3 per cent as of December 2018.

“This is where we need the jobs, right here in Broadmeadows. The development of the Ford site will bring prosperity for future generations,” Mr McGuire said.