Developers betting on Geelong city explosion

A new development firm has set its sights on Geelong’s CBD where it sees potential similar to a recent boom in the centre of Melbourne.

DM Property has lodged plans for a York Street development with state government planning authorities, which would create a mixed-use residential and commercial premises at the north-western fringe of the central Geelong urban growth zone.

The proposal is for a six-storey development plus a rooftop terrace, including 129 residences with commercial tenancies at its ground floor.

The firm says it is targeting entry-level property buyers which are becoming increasingly priced out of growth areas such as Armstrong Creek, by providing predominantly one and two-bedroom apartments in the central location.

DM Property co-director Brendan Mullan said the Geelong CBD’s vibrant economy and robust employment, plus promises of further growth to come in future years, made the area an attractive investment opportunity.

“We can see that central Geelong itself is maturing,” he said.

“It’s got those cool laneways, like Little Malop, and Gheringhap [streets], the Westfield, there’s a major employment base with Cotton On, Worksafe, TAC, GMHBA, the hospitals and Deakin University.

“The Commonwealth Games was part of the reason we bought the site as well, plus the Spirit of Tasmania, the Convention Centre… it gives you a sense of where Geelong is going.”

DM Property is aiming to secure planning approval mid-next year, with a view to start construction in early 2024.