Lorne’s Point Grey redevelopment can soon begin detailed planning for the project after management authorities signed off on a new cost agreement that secured its funding streams.

The Great Ocean Road Coast and Parks Authority (GORCAPA) board has agreed to the $12.59 million deal with partner agencies and organisations to fund the long-awaited project.

The Geelong City Deal, which is co-funded by the state and federal governments, will provide $10.14 million of funding, GORCAPA will contribute $2 million and the Lorne Aquatic and Angling Club will put in $450,000.

As detailed in Surf Coast Times breaking news this morning.