Geelong CBD supersite offers access to growth market
Two longstanding Geelong businesses have combined their city property assets to create a new development supersite within the CBD.
Geelong Bank and gforce Employment and Recruitment have listed the 7111sq m property, which combines eight titles at 33-41 McKillop St, 36-40 Lt Myers St and 107 Gheringhap St.
Tim Darcy and Andrew Prowse of Darcy Jarman and JLL’s Capital Markets Victoria team led by Josh Rutman, Mark Stafford and Jesse Radisich are the conjunctional agents managing the expressions of interest campaign closing on June 20.
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Mr Prowse said Geelong, Melbourne and interstate developers are most likely to be in the hunt for the property, which has emerged as a best development site to hit the market since the Central Geelong Framework Plan redrew future designs for the CBD in 2023.
“We think that the long-term vision for the site is a mixed use development site which would really stand on its own as one of the benchmarks in CBD,” Mr Prowse said.
“It’s eight titles and just over 7100sq m within our newly formed health precinct, so a pretty exciting opportunity,” he said.
The supersite occupies an elevated position, with potential for view lines over the Geelong CBD, Corio Bay, Kardinia Park and GMHBA Stadium from future developments. It has frontages to McKillop St, Gheringhap St, Little Myers St and access to Bambra St.
Geelong Bank and gforce, which have occupied the sites since the 1990s, have committed to relocating to new locations once the sale process is concluded.
Geelong Bank is the former FCCS Credit Union which is celebrating its 50th year.
The property could achieve more than $20m, given recent sales of other development sites within the CBD.
“It’s something that hasn’t been seen before in our CBD and in a pocket that is really going to support residential with medical and commercial complementing,” Mr Prowse said.
Mr Prowse said the appetite for development land in central Geelong was strong.
“More so in the past six to nine months with really aggressive approaches from a lot of Melbourne developers that are seeing the value in Geelong,” he said.
“The past five CBD sales that we’ve been involved with have all ended up with Melbourne-based investor/developers and that’s a real push in confidence for the area.”
As one of Australia’s fastest growing cities, central Geelong is expected to support the development of an additional 60,000 jobs and 16,000 residents through to 2050, with the city making great strides through the expansion of Deakin University, the addition of government enterprises such as WorkSafe, TAC and the NDIA, major employers such as Cotton On, as well as a wide array of start-ups and research ventures.
“The growth and success of Geelong has attracted leading employers and developers to the region,” Mr Prowse said.
“We’ve seen international employers Hanwha and KPMG moving into the local area, joining the likes of WorkSafe, NDIA, TAC, GMHBA and more.
“While acclaimed developers Gurner, Pellicano and Amber Property Group both have significant development projects ongoing” Prowse added.
Mr Stafford said the site is perfectly positioned at the entrance to the Geelong CBD and acts as a key gateway site to the cultural and economic core of Geelong.
“The potential for the site is unmatched in terms of scale, with the new Central Geelong Framework placing the site in the middle of the city’s burgeoning healthcare precinct.”
Mr Rutman hailed the city’s growing appeal to young families and professionals looking for greater career and lifestyle opportunities, as well as more affordable housing options that underpins the growing local economy.
“There is a great sense of renewal in Geelong and a growing purpose and pride,” he said. “The influx of new businesses, enterprises and people is driving demand for improved services including healthcare options.”