New big box retail projects in pipeline for Armstrong Creek
Melbourne developers have secured three lots of commercial land at Armstrong Creek’s The Village shopping centre in separate deals worth around $9 million.
Lots 13, 14 and 15 Central Blvd represented more than 1.67ha of land directly opposite the shopping centre.
Prominent developer Oreana Property group bought lots 14 and 15 to create a 12,737sq m parcel of land at the corner of Barwon Heads Rd.
Another developer bought the 4000sq m lot 13 fronting Central Blvd.
The properties were traded at a land rate of about $550 per sq m.
Fitzroys agents Chris James, David Bourke and Shawn Luo sold the properties via an expressions of interest campaign that generated more than 100 inquiries and nine offers to buy from developers across the country.
Mr Bourke said they have been earmarked by the new owners for large format retail and commercial developments.
“The purchasers are looking to take advantage of the growth of Armstrong Creek, which is tipped to accommodate the bulk of growth in Greater Geelong,” Bourke said, adding that the region continues to attract investment from national, listed and private groups alike, and continues to be a focus at both state and local government levels.
“This was an unrivalled development opportunity at the heart of one more Victoria’s fastest-growing precincts.”
Opposite is Village Warralily Shopping Centre, anchored by a full-line Woolworths supermarket and BWS, while the land also adjoins future McDonald’s, 7-Eleven and Aldi supermarket sites.
“Greater Geelong has attracted Melburnians and Victorians in big numbers as flexible working arrangements are more widely practised, while its offers relative housing affordability and the ongoing enhancement of rail and road networks, new lifestyle amenity and major developments in the Geelong city centre are also major attractions,” Mr Bourke said.
Armstrong Creek is one of Victoria’s fastest growing suburbs with an annual growth rate of 7.25 per cent, according to demographics research house forecast.id, and has a projected population of more than 60,000 people once fully developed.
Major developers Stockland, ID_Land and Central Equity have recently bought land tracts for new masterplanned communities in Armstrong Creek.
The first stage of the $1 billion, 40ha Armstrong Creek Town Centre opened in September last year.
Developed by national company Wel. Co, it has just been sold to ASX-listed Home Consortium’s Daily Needs Trust for $55.6 million.
Meanwhile, the Regional Australia Institute and Commonwealth Bank’s Regional Movers
Index showed migration from capital cities to the regions grew 11 per cent over 2020/21, with the Greater Geelong area receiving a 26 per cent increase in capital city movers during the period.
The region also saw approvals for new housing up 48 per cent.
Oreana Property Group is familiar to the area, recently lodging new plans for a $10.3 million residential community in Lara.