Site with proposed 19-storey Geelong CBD tower selling
An artist’s image of a proposed 19-storey apartment, retail and office building at 36 Mercer St, Geelong.
Approved plans for a 19-storey mixed-use tower including 118 apartments are on the market with a big Geelong CBD property.
The proposed development on the 2416sq m property at 36 Mercer St, Geelong, received planning approval in 2022
Projects by Gartland, Geelong agent Michael De Stefano and Andre Veronie are handling the expressions of interest campaign, closing May 29.
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The agents are expecting offers above $14m for the key northern CBD site.
Mr De Stefano said the proposed tower sits within a zone allowing a preferred building height up to 60m.
“We’re in the precinct that has the largest height and it’s leveraging off the walkability score, including the proximity to the convention centre, the shopping centre, waterfront, train station particularly – it’s all there,” he said.
The 2416sq m property at 36 Mercer St, Geelong has approved plans for a 19-storey mixed use building.
The site of opposite The Mercer development and St Peter and St Paul’s church in Geelong.
While the plans approve 118 apartments, Mr De Stefano said 766sq m of ground floor retail and three levels of commercial office space designed increased the building’s yield for a developer.
The plans show a four-storey brick podium holding the retail and commercial space, with a curved glass tower featuring the apartments above street level.
“I think it’s a really smart design,” Mr De Stefano said.
“And we’ve maintained that should be of particular importance when we are part of the UNESCO City of Design.
The project including 118 apartments, ground floor retail and three floors of commercial office space.
A red brick podium contains retail and office space, below the apartment tower.
“We do want buildings that leave a lasting impression on our skyline.”
Mr De Stefano said a shovel-ready project offered significant advantages to a developer, even if they wanted to re-cut the project.
“It’s all in that growth precinct opposite Miramar and the Mercer and essentially where all the action is.
“You will spend I would say two years as a minimum in the approval process and going through the whole thing, you’re probably saving three years of your life buying something that’s already got approval in place than starting from scratch.
It’s a landmark site at the northern entrance to Geelong’s CBD.
The site has side-lane access and a 40.5m street frontage.
“If you want to re-cut it, you’ve already got the envelope and the size and all that, so certainly all the hard work has been done.
“A building of that scope is hard to get approval for today’s framework environment.”
Mr De Stefano said inquiry has already from local, Melbourne and interstate parties.
“We certainly know that investors and developers have really drawn their attention to Geelong over the past few years,” he said.
The existing building and hardstand is leased to Peter Stevens Motor Cycles.
