New Geelong office complex to feature huge rooftop terrace

An expansive rooftop terrace will provide a premium corporate entertainment space atop a five-storey office complex planned for central Geelong.

Melbourne developer Up Property revealed its plans to redevelop the Belcher Arcade building at 181 Moorabool St.

The project, called 181 Moorabool Street, will create retail and commercial office spaces ranging from 74sq m to 2884sq m, with three street-facing tenancies beneath four levels of commercial offices.

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The premium fifth floor tenancy will be recessed from the front of the building, creating space for the 121sqm, west-facing terrace with views across the CBD to Corio Bay.

Melbourne architects Genton drew the plans with a bold, minimalist exterior and a 4.5-star NABERS energy efficiency rating.

The rooftop terrace will have views across the city skyline to Corio Bay.

The development will add three storeys to the existing structure, with ceiling heights up to 3.1m and 20 car spaces and bicycle parking options built within the ground floor in place of the existing arcade to Ryan Place North.

Up Property group investment and asset manager Ryan O’Grady says the development will be pitched at businesses seeking modern accommodation below the city’s prime towers.

“We think we’re meeting a gap in the market between your first-floor-above-strip-shop offices and your super prime towers, which we know are coming out of the ground for GMHBA, NDIS and WorkSafe,” O’Grady says.

The development closes the Belcher Arcade and adds three levels to the existing structure.

“We’re pitching ours at a more affordable level but still at a reasonable rate,” he says.

“We’re simply meeting Geelong’s demand for quality office accommodation, which we’re finding even just testing the market over the past six months that we truly believe is there.

“What we’re seeing is growth within the professional services sector and other office users, which builds this demand, which at this point in time seems to be going unserviced.”

O’Grady says a major tenant could take the top two floors, including the terrace.

Up Property received permits in May. It’s proposed to start construction later this year.

Three street-facing retail tenancies will front the building on Moorabool St.

Geelong real estate agency Gartland Property is handling leasing for the building.

Director Michael De Stefano says demand for retail and office space in Geelong is growing, with the Geelong Flyer ferry to launch later this year and $2 billion pledged by the federal government for a fast train link to connect Geelong with Melbourne.

“Anything new and affordable within the Geelong area is being snapped up really fast, making properties such as 181 Moorabool Street extremely popular,” Mr De Stefano says.

Up Property bought the Belcher Arcade building in 2017 for $2.64 million.

“Up Property’s plans to transform the building will not only create additional opportunities for growing professional services firms within Geelong, but will help increase the vibrancy of the street and the surrounding area.”

Up Property bought its first Geelong property in 2004. It’s projects including 126-128 Little Malop Street, home to the Geelong Advertiser and Barwon Health, The Inn Hotel and retail showrooms at 107-123 High St, Belmont. The developer is also planning to build a residential community on the 6.2ha former CSIRO site at Belmont.

This article from the Geelong Advertiser originally appeared as “Rooftop terrace tops plans for new five-level office building in central Geelong”.