Record deals cap huge year for Geelong
A $115 MILLION deal to sell Geelong’s Transport Accident Commission headquarters capped off a big year for the region’s commercial real estate sector.
The sale of the TAC complex to Centuria Property Funds Limited, a subsidiary of Centuria Capital Group, set a record price for a piece of real estate in the Geelong region.
But sales data from CoreLogic shows it was a big year across the commercial sector in 2017.
Commercial Insights: Subscribe to receive the latest news and updates
A Melbourne company backed by Chinese capital paid $25 million in July for a 80ha farm west of Lara capable of being turned into 909 house blocks.
$25 million: The 80ha farm west of Lara is capable of holding 909 house lots.
Soaraway Development, a local division of China’s Yucai Group, bought the property at 285 Patullos Rd, Lara that’s within the 389ha Lara West group area that will eventually house 11.600 residents.
Geelong West agency Darcy Jarman sold the property in conjunction with Melbourne firm Gross Waddell.
The TAC building’s sale is Geelong’s largest ever. Picture: Peter Ristevski.
Two other property deals worth more than $20 million were inked in August, when the Spotlight shopping complex at 14 Breakwater Rd, Belmont, sold or $24 million in an off-market deal, while Lend Lease sold off the freehold to its retirement villages.
Lendlease sold the freehold titles to its Abervale village for $22.3 million and Tannoch Brae for $12.5 million.
The same month, Whittington’s Eden Park Residential Aged Care site also sold for $10.9 million, the records show.
In central Geelong, the Mercure Hotel in Gheringhap St became Rydges after a $19.2 million deal to sell the landmark in February.
$10.8 million: The Carlton Hotel’s Malop St facade will remain as the NDIA national headquarters rises from the construction site. Picture: Peter Ristevski.
That was followed in March when the freehold to the Geelong Private Medical Centre sold for $17.8 million.
The Carlton Hotel in Malop St officially changed hands in May, after the Federal Government announced that Techne Developments had won the tender construct the National Disability Insurance Agency headquarters on the site.
The developer paid $10.8 million for the old pub and surrounding car park. The facade will remain as the nine-storey office complex rises from the construction site this year.
$12.6 million: Woolworths has a 20-year lease on this freestanding Highton supermarket.
Public auction was also used to sell the freehold to St Leonards’ IGA supermarket in May.
The centre was knocked down for $5.625 million.
This article from the Geelong Advertiser was originally published as “Record sale caps off big year for Geelong’s commercial sector”.
