{"id":96964,"date":"2024-12-05T04:00:00","date_gmt":"2024-12-04T17:00:00","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/?p=96964"},"modified":"2024-12-05T11:50:36","modified_gmt":"2024-12-05T00:50:36","slug":"why-is-the-geelong-cbd-in-such-desperation-right-now","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/why-is-the-geelong-cbd-in-such-desperation-right-now\/","title":{"rendered":"Why is the Geelong CBD in such desperation right now?"},"content":{"rendered":"

WITH GARETH KENT – DIRECTOR, PRESTON ROWE PATERSON<\/strong><\/p>\n

I am thrilled our new mayor has made the CBD his priority and so many are getting behind the push to do something about our CBD. But how did it get like this?<\/strong><\/p>\n

Westfield Geelong opened in 2016, providing approximately 50,000sqm of retail space.<\/p>\n

Before this, the Geelong CBD boasted only 30,000sqm of retail, spread out along strips such as Moorabool Street, Malop Street, Little Malop, and Ryrie Street.<\/p>\n

Although Westfield did bring national retailers to Geelong, it also sucked in a lot of the small boutique shops, offering attractive rent-free options and promising increases in foot traffic.<\/p>\n

Westfield reports its foot traffic is approximately 10 million individual shopping visits annually. As predicted by many opponents of the development, it has strangled the rest of the Geelong CBD, robbing the town of the economic displacement the foot traffic between street retail creates.<\/p>\n

The Geelong CBD was already suffering from the increased competition created by Waurn Ponds Shopping Centre, which offers a greater car parking amenity, easier access and a wider range of shopping.<\/p>\n

There\u2019s the impacts of online shopping, the early 2000s saw significant growth in this space, and this has been further accelerated throughout the lockdowns of COVID in 2020.<\/p>\n

Simply, Geelong CBD strip retail external to Westfield as a retail destination came to an end throughout 2010 through to 2016 and has not yet recovered.<\/p>\n

In 2016, TAC announced its move to Geelong from Melbourne, followed by Worksafe, and in 2021 NDIS set up its headquarters in Geelong. Thus began the transition, with foot traffic being driven to the CBD for work.<\/p>\n

For a period of time, this supported the hospitality venues, caf\u00e9s and bars. However, during COVID, work-from-home mandates robbed the town of its foot traffic, with many employees working from home. As need for office space has reduced, the agencies have moved out of all the secondary offices, leaving behind thousands of vacant office spaces. Geelong now has about 25,000sqm of vacant office space and circa 20,000 sqm of vacant street retail.<\/p>\n

It wasn\u2019t all doom and gloom – the Geelong CBD had several heroes who put their own private money into trying to keep alive.<\/p>\n

Perhaps the most significant contribution has been from The Batman Group and Bill Votsaris. Purchasing nearly 65 retail buildings along the once derelict Little Malop street, The Batman Group have given life to the Geelong hospitality strip between Gheringhap, and Moorabool Street.<\/p>\n

Others such as the Costa Group purchased buildings such as the Civic Carpark and continued to operate it for casual parking, and I\u2019m convinced they made this investment purely to support the Geelong CBD.<\/p>\n

The Hamilton Group, also purchased Thomas the Jewelers building, the Regent Theatre and the Bryant Hitchcock building.<\/p>\n

These buildings are all under refurbishment while they look to find viable tenants. There are others who have invested in the Geelong CBD, but Geelong has seen little in government investment.<\/p>\n

The Central Geelong Framework Plan spent three years in bureaucratic limbo until being put into the planning scheme in 2022.<\/p>\n

The CGFP was done to give guidance to developers in the hope increased development would bring residential buildings to the CBD and recreate the foot traffic loss.<\/p>\n

Since 2022, there has been one privately owned residential development proceeding from planning to development, the York Street development, an overseas-funded project.<\/p>\n

There are several properties with permits for development, yet none are proceeding.<\/p>\n

Sales evidence from sold developments shows the mean sale price for apartments in Geelong is between $8,000 to $10,000 per square metre. To make these projects viable, it needs to be $12,000psm or above.<\/p>\n

Although ideas get permits, there are none progressing because people can\u2019t see the value of living in Geelong CBD. Something needs to be done to attract people to buy and live in the CBD.<\/p>\n

There\u2019s the potential to acquire Market Square and turn it into a public realm. As it is becoming emptier, acquiring and knocking it down will have less impact on the businesses and designed open space could increase the attractiveness of living here.<\/p>\n

Similar to Fed Square, it could host attractions in a natural amphitheatre, providing a great place to sit and eat lunch.<\/p>\n","protected":false},"excerpt":{"rendered":"

WITH GARETH KENT – DIRECTOR, PRESTON ROWE PATERSON I am thrilled our new mayor has made the CBD his priority and so many are getting behind the push to do something about our CBD. But how did it get like this? Westfield Geelong opened in 2016, providing approximately 50,000sqm of retail space. Before this, the […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":149,"featured_media":97129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[19],"tags":[],"post_folder":[],"class_list":["post-96964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nWhy is the Geelong CBD in such desperation right now? - Bellarine Times<\/title>\n<meta name=\"description\" content=\"Why is the Geelong CBD struggling? 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