Melbourne & Olympic Parks (M&OP) is gearing up to begin the final stage of its $1 billion redevelopment.

Stage one and two are now complete, which saw Rod Laver Arena and Margaret Court Arena redeveloped to offer new event options.

Set to begin in early 2019, stage three includes a new Function and Media Centre, production kitchen and central logistics hub, 5000-seat show court arena and completion of the central terrace that will link to the new Rod Laver Arena upgrade.

A 10-minute walk from Melbourne’s CBD, the Function and Media Centre will feature up to 2000 square metres of indoor space capable of hosting an array of corporate functions and events for up to 3000 guests.

The upgraded facility will boast a new auditorium, break-out rooms, expansive pre-function area, car park facility and elevated views of Melbourne.

The Function and Media Centre is scheduled for completion in 2022.

General manager of premier events and experiences Lara Burnes said the precinct is a one-of-a-kind venue for events.

“Few venues in Australia can connect guests as directly, and as intimately, with the city as we can,” she said.

“Equally, not many could host the span of extravagant sit-down galas hosted within our premier function spaces to iconic dinners under the stars in our retractable-roofed Margaret Court Arena – where guests will be thrilled to know they are seated where the greats of tennis have played.”

“Ultimately, we work to cater to bespoke experiences and are inspired by delivering successful events that create an iconic and memorable experience for our clients.”