Alcoa takes next step in Point Henry transformation
The landmark Alcoa water tower is one of the few standing structures at the Point Henry site. Alcoa has put the call out for a development partner as part of its bid to build a “legacy project” across 515ha at Point Henry. Picture: Alan Barber
Alcoa has short-listed several property developers, asking them to submit proposals to transform its Point Henry site from a heavy industrial base to a large-scale housing and recreation project.
The aluminium giant launched an initial expressions of interest process in 2024, uncovering significant interest from a wide range of small, medium and large developers and a number strong submissions.
Alcoa Point Henry site asset manager Warren Sharp said following a review of the applications, the company had invited several developers to participate in the next stage of the process and submit a “request for proposal” (RFP).
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“During this RFP process, further details will be sought from each participant to determine which developer may be most suitable as a potential long-term development partner, one who shares our values and vision for the redevelopment of the site as a legacy project for Geelong and the region,” Mr Sharp said.
Alcoa’s Point Henry site asset manager Warren Sharp said the firm saw the redevelopment as a legacy project for Geelong.
“We’re excited about the opportunity and are looking to partner with a highly qualified and experienced developer to leverage their skills, knowledge, expertise, and reputation in the property development sector to progress the site’s long-term redevelopment.”
An Alcoa spokesperson said there is a good mix of developers involved with considerable expertise in the Australian development market involved in the confidential process, being undertaken by KPMG.
“As a result, Alcoa expects the process to generate a broad range of ideas, opportunities and approaches aligned with the company’s Point Henry 575 Concept Master Plan and the state’s Moolap Coastal Strategic Framework Plan.”
Alcoa has long eyed redevelopment plans for the 515ha site of its Point Henry smelter and rolling mill that produced 7.3m tonnes of aluminium over 50 years before closing in 2014.
The Point Henry site is located 7km from Geelong’s CBD and presents one Victoria’s the largest urban development opportunities.
While there is plans for future housing near the end of Point Henry, the bulk of residential land will be closer to Portarlington Rd. Picture: Alan Barber
The Point Henry Pier will form a key part of development plans for the precinct. Picture: Alan Barber
It is part of wider 1200ha area that’s capable of providing homes for at least 12,000 residents and retain and support more than 300 existing industrial businesses through improved services and infrastructure.
The state government’s Moolap Coastal Strategic Framework Plan outlines objectives to create the future residential and tourism development, including exploring the future use of the Point Henry pier for tourism, recreation and boating uses as well as complementary water-based transport.
The framework sets out plans for most of the housing within the Moolap East precinct, closer to Portarlington Rd, but supports the retention of Dow Chemicals until the business chooses to leave its site, which carries a significant environmental buffer zone.
The RFP process is expected to run through to April, after which Alcoa will assess the more detailed submissions.
