Lakeside Stadium (previously Bob Jane Stadium) is currently undergoing a major redevelopment, converting it from a rectangular stadium into Victoria's main athletics venue. Lakeside Oval will provide a new home for athletics in Victoria with the development of facilities for training and competition at all levels, and administration facilities for Athletics Victoria. The 1926 heritage grandstand will be restored and will become the new home of the Victorian Institute of Sport (VIS). This project will also support the current tenants of Lakeside Oval (the South Melbourne Football Club) through improvements to soccer competition and administration facilities.

Features of the redevelopment include a new IAAF-approved synthetic 8-lane running track with a 10-lane, 110m straight, 50m indoor running track, new FIFA-sized natural grass pitch for soccer, new electronic scoreboard capable of streaming vision, upgraded field and broadcast lighting, and capability for TV broadcasts, six-lane warm up track and training facilities for athletics.

A new northern grandstand will be built opposite the existing grandstand. Total seating will be for approximately 6-7,000, while a grassed hill surrounding the track will boost capacity to around 15,000.

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