Local buyer spends big on Civic Car Park

THE SALE of the Civic Centre Car Park has surpassed its lofty price expectations and sold for $22.6 million at auction today.

Colliers Geelong conducted the private auction on Wednesday (December 21) at the City of Greater Geelong’s offices, Wurriki Nyal with a local property owner entering the winning offer.

Bidding opened at $16 million and was a three-way contest until the final price was settled.

Selling agent Ben Young said the result reflected healthy interest during the selling campaign.

“We had good strong demand from the whole campaign, from local and national purchasers,” he said.

The City of Greater Geelong had expected around $20 million for the 4,000-square-metre Gheringhap Street property when it announced its intention to sell the asset in the lead-up to its 2022-23 Budget.

The car park is the first of four commercial properties that COGG will offload to boost its spend on infrastructure renewal across the region, with the sales expected to raise a total of around $50 million.

COGG mayor Trent Sullivan said the result would provide a much-needed boost to the city’s coffers.

“Rising construction costs are placing pressure on the council’s budgets and the funds from this sale will go back into community assets, helping us deliver the facilities needed to support our growing population.

“A sale of this significance is also pleasing because it shows there is confidence in the business sector about central Geelong’s future and long-term economic potential.”

As a condition of the sale, the site must retain its current 500 car parks for a minimum of 10 years, while the city will also retain its projector for City Hall light shows to continue.

Settlement is expected in June 2023 and existing leases will be honoured.