Leading data centre provider Digital Realty is planning two new facilities at a Radnor Drive site, bringing new jobs and an estimated boost of about $365 million to the area.

The project is tipped to create more than 200 jobs during construction.

Asia Pacific regional head Kris Kumar said the project, in Paramount Industrial Park, would serve as an "economic engine" by providing critical computing infrastructure for other companies.

"Australia is one of the world's most dynamic data centre markets and we are proud to be making this major investment in Victoria and expanding our rapidly growing presence in Australia," he said.

US-based Digital Realty operates more than 100 data centres worldwide.

Technology Minister Gordon Rich-Phillips said the centre was expected to directly employ up to 33 staff and create more than 450 indirect jobs.

"Digital Realty's investment helps establish the presence of another strong international technology brand in Melbourne at a time when the shift to cloud computing is driving the development of more and more large-scale data centres," he said.

The project follows on the heels of the $200 million Polaris Victoria data centre in Derrimut, due for completion at the end of the year.

The first building in the 30,250-square-metre Paramount Industrial Park development is due for completion early next year.

National Australia Bank has signed a long-term lease for the site.