Apartments likely as another Geelong site goes on block
A Brougham St property next to Geelong’s new Civic Precinct has been described as one of the city’s better development sites to emerge in some time.
The 1821sq m Brougham St property also has a frontage to Bayley St and has already attracted interest from potential buyers in the days after it was listed for sale with offers closing March 3.
Its listing comes after a Melbourne developer secured a Cavendish St site adjacent to Geelong’s proposed convention centre for more than $6 million.
The property at 10-18 Brougham St could attract interest around $8 million to $10 million, given prices achieved for other development sites in the city centre.
Gartland Property director Michael De Stefano said it was ideally positioned, with proximity to Geelong train station, CBD shopping and the waterfront.
“Geographically, where it is positioned is an A-class development site,” Mr De Stefano said.
“It has a Central Activity Zone 1 so it would be suited to apartments, offices, a hotel,” he said.
Given its attributes, it ticked a lot of boxes for developers, he said.
“There is no permit – I think Adam Montgomery’s site (at 16 Gheringhap St) was extraordinary because it had a permit, but I would say that we’ve seen sites in and around $5000/sq m.
“When the developers come in and look at how close it is the public transport, – 150m – and it’s 300m from Westfield and a couple of hundred metres from the water, it’s certainly close to the lifestyle, the arts precinct, to the food precinct, the employment precinct, shopping.
“It is really one that does tick all the boxes for mine.”
Using the site for apartments could stand as the most likely outcome for the site, which has two buildings being sold with vacant possession.
“Certainly apartments have gathered a lot of momentum, particularly with the average price of residential apartments having gone up astronomically over the past few years,” Mr De Stefano said.
“From an affordability perspective, it brings the appetite of apartments more to the forefront because it’s putting you where you want to live in an affordable situation.”
Mr De Stefano said a target of 12,000 people living in Geelong’s CBD by 2030 was a long way off.
“I think developers coming into the market to do apartments would be pretty comfortable in that space,” he said.
Meanwhile, Colliers International, Geelong agent Andrew Lewis said a Melbourne developer had secured the two houses at 1-3 Cavendish St for well in excess of $6 million.
Mr Lewis said five parties made formal bids for the combined 985sq m property.
He said all the bids were between $5 million and $6 million, before negotiations between parties increased the sale.
Mr Lewis said he didn’t know what the buyers plans for the site were, but thought student accommodation was the likely potential outcome, given the proximity to Deakin’s waterfront campus.