Hamilton Group reveals plans after purchase of historic Newtown mill
Geelong’s Hamilton Group has emerged as the new owner of a 19th century former woollen on the north bank of the Barwon River.
The renowned developer of historic industrial buildings was revealed as the purchaser of the freehold property at 512-560 Latrobe Blvd, Newtown, which began as the Union Flour Mill before being converted to Allied Woollen Mills around 1869.
Hamilton Group director Cam Hamilton said the property was truly what the company was about.
“We love these buildings,” he said.
“Sitting on a substantial landholding of 3673sq m of mixed use zoned land, the iconic mill provides several development possibilities, taking advantage of the uninterrupted views.
“We are looking to split it into multiple tenancies, accommodating retail to food, drink, and office, much like the woolstores we completed on 400 Pakington St, Newtown.
“We will take this one to the next level to ensure its survival for the next 100 years,” Mr Hamilton said.
The warehouse next to James Harrison Bridge has been home to Pegasus Antiques since 1988.
The Advertiser understands the deal was close to $8m.
Colliers agents Chris Nanni and Ben Young managed the sale of property on behalf of the owners of Pegasus Antiques.
“We were thrilled and grateful when the opportunity arose to market this historic and iconic Geelong property,” Mr Nanni said.
“We had provided some sales advice in the lead-up to the campaign and were blown away by the level of interest we received, before it was snapped up by developer Hamilton Group.”
Mr Nanni said Geelong continues to provide fantastic development opportunities in a fast-growing market.
“As Australia’s second-fastest growing city, Geelong will stay on the radar for many investors
and developers, as the growth rate from an economic and population standpoint only continues.”
“It’s certainly an exciting time for Geelong as we continue to strive for more infill development and revitalise some of our older and historic buildings.” Mr Nanni said.
After the sale, it was revealed Pegasus Antiques would be joining forces with Geelong auction house, Kerleys Auctions.
The two will team up under the new business name Homesse furniture and homewares and sell high end quality modern furniture on an online platform.
The north bank of the Barwon River has become a development hot spot, with plans to build 57 apartments, 17 townhouses and a hospitality venue, on a neighbouring riverbank site rejected last December.
The Advertiser understands new plans for 23 townhouses, 57 apartments, café, pool and gym are well advanced after the initial $21m residential precinct was rejected by the Victorian Civil and Administrative Tribunal in 2022, citing unresolved and unacceptable issues with vehicle, pedestrian and bicycle access and movement within the site, and on-site and off-street parking, heritage concerns and the impact of neighbouring National Trust mansion, Barwon Grange.