Surfers will no longer have to leave Melbourne in search of the "perfect" six-foot wave.

An $18.5 million surfing lagoon, the first in the Southern Hemisphere, is set to be built near Melbourne Airport.

The Perth-based Wave Park Group announced on Thursday morning that it had secured a sub-lease for a 7.1-hectare block of land adjacent to Essendon Football Club's home base at Tullamarine, and planning approval to build the park.

URBNSURF Melbourne will boast a 320-metre pool that will produce waves between 0.6 metres and 1.9 metres, with rides lasting up to 32 seconds.