City offloads yards for residential hub

THE City of Greater Geelong has sold the former North Geelong Saleyards, a move that officials say will unlock a major high-density housing precinct and help pay down municipal debt.

The sale of the 4.3-hectare site is the final milestone for the Saleyards precinct structure plan, which was adopted in 2020 after the yards were closed in 2017.

Geelong mayor Stretch Kontelj described the sale as a strategic win for the city’s north, noting that the proceeds would be used to reduce the council’s interest bill.

“By selling assets which are surplus to requirements, we reduce debt and take the pressure off ratepayers, especially around asset renewal, while ensuring land and assets are used in the most productive way possible,” he said.

“The sale unlocks this land for redevelopment, and it ticks many boxes, promoting housing affordability, new jobs and employment, new infrastructure, and of course, greater financial sustainability for council.”

The site has been zoned to allow for higher-density housing. The long-term vision for the precinct includes sustainable design, walkability and significant open spaces, alongside protection for surrounding neighbourhoods and public spaces.

The plan also incorporates infrastructure for stormwater management and community facilities intended to support the new residential population.

Cr Kontelj said the future development would focus on creating high-quality, livable neighbourhoods with a variety of housing types.