Why Melbourne developers are circling this Geelong home
An inner city development of 13 luxury apartments approved for a central Geelong street is drawing strong interest from buyers looking to turn plans into reality.
The project approved for central Geelong’s medical precinct involves demolishing an Art Deco house at 41-43 Bellerine St to build the four-storey complex.
McGrath, Geelong agent Jim Cross said the planning permit had a November 2023 expiry and was offered with full engineering drawings, including structural, fire, hydraulic, mechanical, lift and electrical drawings and relevant documents.
Price hopes are $1.9 million to $2.1 million.
“We’ve had a flurry of inquiry in the first seven days on the market. I have two to three buyers preparing to present offers on the property,” Mr Cross said.
“Those boutique, low-rise apartment developments are really popular because there’s not as big a commitment for the buyer as going into a high-rise building,” he said.
“That development being four levels and 13 apartments has a unique market because smaller townhouse developers don’t want to venture into the apartment buildings because it’s out of their expertise and it’s too small for the big guys that do the high-rises.’’
Mr Cross said a mix of Melbourne and well-known Geelong developers had been showing interest in the opportunity.
“I’ve been really surprise how many Melbourne developers have contacted me looking to get into the Geelong market.”
He said the significant trend of Melbourne residents relocating to Geelong had given developers confidence in the market.
The property last traded in 2019 for $1.55 million.
Meanwhile an original Victorian era house in the same strip between Little Malop and Ryrie streets has found favour with the medical and allied health sector.
The ornate weatherboard house occupies a 405sq m block at 53 Bellerine St metres from Geelong’s University Hospital.
Listing agent James Wilson said the property had been a family home for many years until recently.
Price hopes were $950,000 to $1.045 million. The property goes to auction on October 28.
“The likely buyer market and the general interest to date has been those looking at occupying the property from a consultancy point of view or allied health,” Mr Wilson said.
There is a heritage listing for the five-bedroom residence, which was suited to the medical sector, given its location.
The neighbouring property at 51 Bellerine St sold last month for $875,000 six months after the house, long the target of squatters, was razed in a fire.
“The main thing for this property is it requires a reasonable scope of works to get it to that point,” he said.
And it will still need someone that has an appetite for a renovation.
“What’s great about it is it’s a great position, good rear access, plenty of off-street parking and it’s got a really pretty frontage
“Anything that is improved on the property will pay dividends.”