Crane appearance a milestone for Geelong’s Ritz Apartment Hotel
The assembly of a tower crane above the site of the former Ritz Flats marks a new milestone for Geelong’s latest apartment project.
The tower crane was erected above the Bellerine St work site as the Ritz Apartment Hotel project prepares to switch from excavation to construction of the 40m high building.
It comes six months after ground was broken on the project, which is scheduled to be completed by the end of 2020.
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Developer Phillip Petch, director of Integrated Development Solutions, says the addition of the crane is a landmark moment for the Ritz.
“They have been doing so well with the construction, so seeing (the crane) go up is a real milestone,” he says.
The sales campaign continues on the final apartments still available in the 127-room development, which are offering expected returns of 6 to 8%, after costs, higher than residential investment properties.
Petch says the apartment hotel, opposite another project from Integrated Development Solutions, The Vue, will help meet a growing need for overnight accommodation in central Geelong.
Data from Macroplan Dimasi indicates Geelong’s population was 245,000 in 2017 – the year the Ritz site was purchased – and will be 271,000 by 2021, which is Ritz’ first year of trade.
Overnight visitation rates for the city remained stable from 2017 to 2018 at about 1.5 million, according to the report.