Costas list major Corio site with development options
A Corio site described as the last remaining significant infill parcel of commercial land within urban Geelong is being offered for sale.
The 1.73ha site at 71-29 School Rd and 11 Railway Ave offers a chance to develop within a commercial wedge at the northern entrance to Geelong.
Costa family members, including brothers Frank, Robert and Anthony, were listed on the title for the property, which is behind Corio’s Harvey Norman store which was original built as T Costa and Co’s fruit and vegetable distribution centre.
Darcy Jarman selling agent Tim Darcy said new owners could unlock the land’s potential value in a multitude of options, including commercial, retail, warehousing or industrial uses.
“The C2 zone does provide an enormous amount of flexibility,” Mr Darcy said.
“By virtue of what it’s got, you could do offices, you could do manufacturing or associated activities, you can do bulky goods sales, other retail sales and associated array of business.
“Probably the most likely outcome outside a business park is a showroom/warehouse scenario with maybe a complementary amount of restricted retailing.”
Mr Darcy said it was a rare opportunity given it sits several hundred metres from the Princes Highway and is also close to road links to Geelong’s port and the Spirit of Tasmania terminal/
“There are not many, if any infill Commercial 2 parcels of land that remain within inner suburban Geelong. You might find it in some of the urban growth areas.”
Mr Darcy wouldn’t be drawn on the property’s price expectations, other than it was expected to set a stronger land rate than what’s previously been seen in Geelong’s commercial and industrial space.
“The significant industrial sales out that way are showing something north of $300 per square metre, we are certainly going to be something north of that I suspect,” he said.
Expressions of interest close March 30.