Geelong development site joins sale rush
Geelong’s growth potential and the chance to plan a large-scale development in the city has aroused the attention of developers from outside the region.
At play is a 2012sqm city fringe site at 73-77 Mercer St, Geelong, which has been offered through an expressions of interest campaign by Darcy Jarman, Geelong West agents Simon Jarman and Tim Darcy.
Darcy says the site directly abuts the construction site for the Miramar apartments and is a short distance from The Mercer building site, which showcases what’s possible on this activity zone site with two street frontages.
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The property is walking distance to Deakin University, Geelong train station and central business district.
73-77 Mercer St, Geelong, adjoins a construction site for the Miramar apartment building.
Darcy says the agents aren’t quoting a price but expect the property to sell between $4 million and $5 million.
“Given the size of the land and its geographic location, it’s probably most suitable for a fairly intense development,” Darcy says.
The neighbouring Miramar project will rise 21 storeys, while the owners of that project also retain the freehold of the neighbouring Winter & Taylor car dealership freehold, have further plans in the area, Darcy says.
The site is on a key thoroughfare leading to central Geelong.
“It’s going to suit an intense development in which you can maximise with a fairly significant height. It could incorporate commercial and residential uses or a mixture of both,” he says.
An existing $67,980 a year lease to Mototech runs until 2020, giving the buyers significant holding income while they push their plans.
“We’re already dealing with a significant level of interest and majority of that has come from areas outside of Geelong,” he says.
Construction of new apartment building, The Mercer is well underway nearby. Picture: Peter Ristevski.
“It’s Geelong in itself, which has been a very positive and high-growth markets in the country.”
Expressions of interest close on August 16 at 4pm.
This article from the Geelong Advertiser originally appeared as “Builders chase Geelong’s growth as new development site hits market”.
