Geelong to see $16.2 billion worth of commercial projects

Confidence in a well located commercial property in Geelong is still buoyant with many projects being bought to market or in the pipeline, with Colliers in the thick of sales.

Off the back of their recent sale of the 150-year-old historic woollen mill in Newtown that has changed hands for the first time in 35 years, Colliers have brought an exceptional leasing opportunity to market, ‘Yale Place’, that will see a ground-breaking office building accommodating 60,000 new job opportunities by 2050.

With the state government recently releasing the Central Geelong Framework Plan providing a long-term strategic land use plan for the development of Central Geelong to 2050, landowners and developers are now confident to play a role in transforming central Geelong into a vibrant hub with modern offices, retail, hospitality and culture opportunities.

According to the Central Geelong Framework Plan, Central Geelong will be home to 16,000 people and 60,000 jobs in 2050, compared to its current 20,000 jobs and 2,500 residents.

Data released by Cordell Connect in January 2023 note that there is currently over $16.2 billion worth of projects either proposed, approved, under construction or recently completed in the City of Greater Geelong, with eight of these being office buildings set to provide workspaces for the 1,000 new job opportunities presented to the city each year.

The increase in new job opportunities as well as expected population growth of 2 per cent per year, and an undersupply of quality office accommodation, provides the opportunity for a ground-breaking new commercial precinct developed by Livv Developments, that has just received permit approval for its $150 million office development Yale Place.

Designed by renowned architectural firm Gray Puksand, Livv Developments’ Marc Akkerman said that with the shift to a more flexible working environment and the residential growth experienced during and after the pandemic, shows a gap in the market to provide a better working environment for employers and employees that call Geelong home.

“By bringing the best of what the Melbourne CBD market has to offer to a regional area, we see less reliance on travel and more investment in the local economy.

“Geelong is quickly expanding its footprint as a leading Australian city, and Livv Developments is excited to be part of shaping the future of Geelong both at 16 Gheringhap Street and also at our recent acquisition of 15 Avalon Road, due to form part of a future State Significant Employment precinct.”

Colliers agents Chris Nanni and Kevin Tutty have been appointed to manage the leasing campaign of Yale Place, which will comprise 12,000sqm of commercial and mixed-use floor space in the boldest premium office building within the region with Geelong’s first-ever commercial rooftop restaurant and bar set to deliver dining experiences unlike any other offered in Geelong.

Colliers’ Director of Office Leasing, Kevin Tutty said Yale Place is not a traditional office building.

“It’s a place that perfectly balances state-of-the-art workspaces and before and after-hours experiences across 13 levels of A-grade office space with 270-degree waterfront and city views in the heart of Geelong’s business district.

“Yale Place also comprises an internal winter garden with balcony retreats on each floor, sleek end-of-trip amenities, on-site eateries, fitness facilities, generous bicycle parking, charging stations and the captivating rooftop bar and restaurant,” Mr Tutty said.

Situated within Geelong’s emerging Knowledge and Enterprise Precinct, 16 Gheringhap Street plans to become the headquarters of a commercial revolution in Geelong, strategically located close to the Geelong Train Station, Johnstone Park, the waterfront and Geelong’s CBD.

At the river end of town, Colliers Newtown sale of the woollen mill on behalf of Pegasus Antiques saw the property being snapped up by the Hamilton Group.

Colliers executive Chris Nanni said that they were thrilled and grateful when the opportunity arose to market this historic and iconic Geelong property.

“We had provided some sales advice in the lead-up to the campaign and were blown away by the level of interest we received, before it was snapped up by developer Hamilton Group.”

Mr Nanni said that Geelong continues to provide fantastic development opportunities in a fast-growing market.

“As Australia’s second fastest growing city, Geelong will stay on the radar for many investors and developers, as the growth rate from an economic and population standpoint only continues,” Mr Nanni said.

“It’s certainly an exciting time for Geelong as we continue to strive for more infill development and revitalise some of our older and historic buildings.”