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<\/p>\nA 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.<\/p>\n
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.<\/p>\n
The proposal is for a six-storey development plus a rooftop terrace, including 129 residences with commercial tenancies at its ground floor.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“We can see that central Geelong itself is maturing,” he said.<\/p>\n
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“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.<\/p>\n
“The Commonwealth Games was part of the reason we bought the site as well, plus the Spirit of Tasmania, the Convention Centre\u2026 it gives you a sense of where Geelong is going.”<\/p>\n
DM Property is aiming to secure planning approval mid-next year, with a view to start construction in early 2024.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n