Historic Geelong homes a sweet target for builders
1 and 3 Cavendish St, Geelong is being offered as a potential development site.
A pair of Victorian-era houses is expected to be a honey pot for developers on Geelong’s waterfront.
The houses at 1 and 3 Cavendish St, Geelong, were listed for sale this week with prices hopes in the vicinity of $5.5 million.
Colliers, Geelong agents Andrew Lewis, Ben Young and Hamish Burgess are handling the campaign to sell the combined 985sq m property just off Western Beach Rd.
1 and 3 Cavendish St, Geelong is being offered as a potential development site.
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The homes offer a potential short-term holding income of around $52,000 a year, but the agents say value lies with the development potential close to the CBD and waterfront.
“Recent development in the immediate area has shown strong demand for multi-level residential development and the subject property is ideally suited for similar development,” he said.
Mr Young said the site’s current maximum building height limit was 20 metres, but a draft framework guiding the city’s future development proposes raising the bar to 28 metres, providing scope for an eight-storey building.
Two of Geelong’s tallest residential towers are metres from the site.
Mr Burgess said the new units had been well sought after by local and regional owner-occupiers as well as Melbourne-based and national investors aware of the increasing values within the Geelong real estate market.
Mr Lewis said the property adjoins Deakin University’s waterfront campus car park, which has been earmarked for the future construction of Geelong Convention and Exhibition Centre.
“This is an exciting time to bring a property of this nature to the market,” Mr Lewis said. “Geelong is rapidly evolving with a number of exciting infrastructure and transport developments commencing in the coming months which will boost tourism and enhance lifestyle opportunities.”
Interest in 11 Yarra St, Geelong is above $2 million.
Investments and major projects in Geelong’s CBD was spurring on Melbourne investors looking at a potential development site at 11 Yarra St.
CBRE agent David Minty said Melburnians made the majority of interest for the 340sq m site opposite the Westfield shopping centre.
“Obviously Covid heightened the appeal of Geelong as it didn’t go down the pathway of long, lengthy lockdowns like Melbourne’s CBD did,” he said.
Mr Minty said interest has been north of $2 million for the property, which has a pair of shops and front and rear access.
Interest in 11 Yarra St, Geelong is above $2 million.
Geelong developer Ben Fabretto paid $1.55 million for the property in 2017 and concept plans were prepared for a seven-storey building, but there was no permit.
Buyers were buoyed by a number of major projects undertaken in Geelong’s CBD over the last couple of years, he said.
“I think people are saying here’s our time to be getting in because there is going to be a wave of future capital growth here. It’s an untapped market.
“Buyers’ decision making is typically based on confidence around things like new developments that are emerging, and population growth was a massive driver.”
