Potential buyers line up for Geelong West hotel towers site
Potential suitors are already circling a Geelong West supersite holding approved plans for a hotel, residential and commercial complex including two eight and nine-storey towers.
The 3692sq m property at 39-45 Gordon Ave was listed for sale this week, with at least half a dozen inquiries from potential buyers coming to Projects by Gartland agents on the first day alone.
Projects by Gartland director Michael De Stefano said the property presented an unprecedented opportunity in the market, given it was a permitted and ready-to-build site.
Proponents of the development have done all the hard work to this stage, charting the plans for the hotel, residential and commercial complex through the planning process, ultimately succeeding at the Victorian Civil and Administrative Tribunal.
The original $70m proposal for a pair of 13-storey hotel towers was rejected, before the planning tribunal ultimately checked off the smaller eight and nine storey proposal.
The project could the be the first cab off the rank in redefining the Gordon Ave precinct which connects Geelong’s CBD to Pakington St.
While the permit for the existing proposal was ready to go, new owners could, with council permission, convert the site to an apartment complex, offering even more residential opportunities in this sought-after location.
“It’s pretty much an unprecedented type of permit, it’s something that I believe you won’t get today,” Mr De Stefano said.
“It’s for two tower sites for a hotel, office, Soho living and a good chunk of commercial along with 370 car parks.
“There’s an enormous amount of carparking in there as well which is something that most buildings do not cater for these days.
“It’s got a walkability score of 96. It’s that link between Geelong’s CBD and Pakington St, so it’s pretty unique.”
The property remains a commercial building generating an $160,000 annual rental income, plus GST and outgoings.
Mr De Stefano wouldn’t speak on a potential price.
Gordon Ave Property Trust, a consortium lead by former Geelong real estate agent Greg McDonald acquired the property in 2016 for $4.88m.
“The existing owners have done all that legwork in relation to obtaining that permit and now they’re seeing if there’s appetite from a developer now to develop it or put their own spin on it,” Mr De Stefano said.
“There is huge potential to get that site essentially on Pakington Street’s doorsteps which is really unique and something I think from an approval perspective you’ll never get again.
“It’s something that hasn’t been offered before, so I’m excited by that.
“It’s just outside the city, it’s a four-minute walk to the train station, but you’ve got all the convenience of all the amenity of Pakington St, so all the cafes and shops that has an offer as well.”
Expressions of interest close July 12.