Untapped riverside location draws buyers to Newtown business park

More than 60 per cent of off-the-plan strata offices at the Barwon Business Park, planned for 45-47 and 51-53 Riversdale Rd, Newtown, have been sold. Source: Luda Studios.

Buyers have been quick to pounce on a $13m business park to be built overlooking the Barwon River in Newtown.

More than 60 per cent of off-the-plan strata offices at Barwon Business Park have already been snapped up.

IDS Developments, the company that transformed the derelict Ritz flats into the R Hotel, is leading the project at 45 Riversdale Rd, Newtown.

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Gartland director Michael De Stefano, who is selling the office space, said professionals in property services, design, engineering and finance were driving demand.

“The response to Barwon Business Park is extremely positive as it’s the first time in decades that individually titled offices are available in Geelong,” Mr De Stefano.

“Most buyers are business owners from the professional section keen to upscale their business.”

The strategic riverfront location in a blue-chip suburb and the promise of scenic view and tax advantages prompted Niko Insurance Group director Adam Nikolovski to buy into development.

3D artist renders show the natural bushland setting of the planned business park. Source: Luda Studios.

The exterior will feature Geelong Red heritage brickwork. Source: Luda Studios.

He plans to move his current office to the business park once it’s completed, which is expected to be in 2025.

“I have worked in this area for four years and lived in Geelong my whole life. The location features several key benefits that will only lead to price appreciation,” Mr Nikolovski said.

“Waterfront views, bustling business activity and a quality build made this an easy decision.”

Geelong-based Mark Gratwick Architects and Zero C Environmental Architects have collaborated to design the energy-efficient office spaces through the use of solar panels, strategically placed screens, eaves and shading devices and double-glazed low E glass.

Floor to ceiling glazing captures the outlook in these internal renders Source: Luda Studios.

The buildings will also reference the woollen mills surviving along the Barwon River’s north bank, with external red-brick faced cladding, combined with rendered precast concrete, burnished copper panels and perforated galvanised steel.

Offices will have garaging for four vehicles, first-floor open-plan office spaces with bathroom and kitchenette facilities and balconies, and additional office floors, including terraces on the three-storey buildings.

Mr De Stefano said the transition of the area from industrial into a commercial and residential neighbourhood would likely bring financial benefits for those who got in early.

IDS Developments founder Phil Petch, who is behind the project, also transformed the former Ritz Flats into the R Hotel.

“Being among the first to secure an individually titled office in this gentrifying area is a strategic move that can yield significant returns in the future,” he said.

IDS founder Phil Petch said one of his pet hates with commercial developments was the “shocking” lack of landscape but here the natural bushland setting and views were key.

“We’re making the most of the natural environment, again making it a destination where employees want to come to work,” he said.