East Geelong shopping village up for grabs amid building boom

Ormond Village at 136-146 Ormond Rd, Thomson, near East Geelong, is on the market.

Owners are looking to capitalise on a housing building boom set to increase the population around an eastern Geelong shopping centre.

They have put the Ormond Village strip on the market, hoping the market responds to the $4.5m expectations.

The landmark asset at 136-146 Ormond Rd, Thomson, on the cusp of East Geelong, presents a compelling opportunity for investors and developers seeking a strategic foothold in the regional city.

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The complex is surrounded by work sites on two sides where Homes Victoria is constructing 54 homes for social housing in separate three-level buildings.

The development includes a mix of one, two and three-bedroom homes, with completion expected in 2026.

The expressions of interest campaign is being handled by CBRE’s Scott Hawthorne, Nathan Mufale, JJ Heng and Alex Brierley. Offers close on September 24.

The freehold property provides a 2256sq m landholding with a Commercial 1 zoning, offering new owners significant flexibility for future uses.

Ormond Village is fully leased, with retail and residential tenancies delivering more than $310,000 annual income.

It’s presented as a fully tenanted investment generating a net income of $310,323 a year through six ground-floor retail tenancies and four residential dwellings.

The property has a 73m frontage to Ormond Rd and The Walk, with a Bellarine Highway service road with carparking and bus stops.

Mr Hawthorne said Geelong is widely regarded as an exceptional destination for commercial property investors.

“We are consistently speaking to buyers and are told that the area is high on their wish list of locations to purchase in,” he said

“Ormond Village is a unique offering in the Geelong market that provides excellent investment fundamentals.”

Homes Victoria is building 54 new dwellings in two three-storey developments either side of the shopping centre.

Mr Hawthorne said the property offers a diversified income stream, flexible Commercial 1 zoning, and outstanding amount of street frontage to Ormond Rd, make it an proposition for both passive investors and those looking to capitalise on future development potential.

“With the State Government injecting a major residential project either side of the property, there is a significant level of density entering the immediate zone and that will only help retailers continue to thrive in the years to come,” Mr Hawthorne said.

“We have received significant interest from a range of buyers, from high-net-worth private investors based around the country, overseas investors wanting to be part of the growth in Geelong, in addition to local residents of Geelong who know the site well and have driven past it countless times.”

The flexible Commercial 1 Zone zoning provides a clear pathway for future development,

including potential medical, childcare, retail, or residential projects.

The individual titles for each unit also provide a variety of exit strategies for the new owner.