On the rise: The resurrection of The Ritz

The dilapidated building known as “Ritz Flats” on the corner of Bellerine and Corio streets is set for a stunning restoration and revamp after sitting abandoned and derelict for more than 40 years.

The Ritz project will be undertaken by experienced Melbourne developer Integrated Development Solutions (IDS) after receiving planning approval to transform the dilapidated site into 110 short-term accommodation apartments.

The approved plans encompass a vision to produce a world-class, contemporary accommodation destination that will complement the rich history of the location.

Situated in the city’s CBD, the notorious local eyesore was originally built in 1854 as a luxurious accommodation destination for locals and travellers alike.

With three street frontages and views to the bay, the Ritz has been the most keenly sought-after development site investment opportunity in Geelong.

IDS director Phillip Petch said the company was humbled by the opportunity to restore a once-iconic local landmark to its former grandeur.

“Our plans conceptualised around the notion of delivering an affordable, high-end accommodation option that pays homage to the original establishment,” Mr Petch said.

Ritz Hotel Apartments will be the city’s first upmarket 4.5-star accredited accommodation establishment.

Redevelopment of The Ritz is particularly indicative of Geelong’s shifting economic landscape.

Mr Petch said that as Victoria’s largest regional town, with the highest population growth rates, the project empowers the region’s economic transition from manufacturing toward health, education, business and personal services.

The 110-hotel apartments will also alleviate a growing supply gap in local accommodation.

The demand for short-term accommodation has increased year on year, while the number of rooms has remained static.

With 80 per cent of the building already sold to previous buyers from Vue and Devlin apartments, investors looking to be part of The Ritz project can still do so through Whitford Property, which has reported an exceptional amount of interest in the project.

Whitford’s Andre Veronie said that the strength of the investment market in Geelong was clearly evidenced by the number of email enquiries and foot traffic through the display on weekends.

“The Ritz delivers on most investment objectives with net yields of between six per cent up to eight per cent depending on which apartment you choose,” Mr Veronie said.

“As with the The Vue and Devlin apartments from the same developer, The Ritz apartments will be run under management, to be rented on a short-term basis.”

The Ritz project offers investors a diversity of investment options starting from a one-bedroom at $425,000 plus $23,000 furniture package, or a two-bedroom located just above the old pub façade for $820,000 plus $32,000 furniture package. Dual keys on level seven start at $755,000 plus $37,000 furniture package.

IDS have extensive new and heritage development success within Geelong, including past projects such as “The Vue Apartments” and the National Trust award winning “Devlin” apartments.

The Ritz redevelopment is expected to deliver 95 direct jobs during construction, and a further 25 direct jobs with the start of the accommodation business. Construction is expected to begin in June.

Designed by highly acclaimed local architect Mark Gratwick, the property sets new creative and short-term accommodation levels for the region.

“The concept carefully modernises the site while remaining consistent with its prominent heritage,” Mr Gratwick said.

“The new structure is uniquely positioned to capture sweeping views of Geelong’s famous Eastern Beach, Corio Bay and the CBD, while delivering spacious balconies and living spaces designed to inspire.”