High-performing Pakington Street asset up for grabs
With many well positioned commercial Geelong properties changing hands as buyers recognise the investment opportunity the region offers, Colliers and Stonebridge are bringing to market the high-performing Pakington Strand Shopping Centre.
This blue-chip commercial holding is anchored by a full-line Woolworths supermarket and supported by 13 specialty shops, three kiosks and one ATM.
The centre presents a unique opportunity to benefit from a strong trading existing shopping centre whilst providing an immense potential for future development.
The significant 20,984sqm mixed-use zone site encompasses an outstanding possibility for a major mixed-use development comprising retail, commercial and residential uses, given its low site coverage of 25 per cent and strategic location prominently situated in Geelong West, adjacent to the Geelong CBD.
The development opportunity is supported by the Victorian government Gazette Amendment VC242, which has been approved to facilitate significant residential development and substantial economic development, as well as the Pakington Street and Gordon Avenue Urban Design Framework, having designated the property as a strategic site.
Stonebridge’s Kevin Tong and Justin Dowers, in conjunction with Colliers’ Tim McIntosh and James Wilson, have been appointed to sell the property.
Stonebridge partner Kevin Tong said that with Australia’s net migration at over 400,000 this year, sites such as Pakington Strand played a pivotal role in providing the required future development to support the growing population.
Colliers director Tim McIntosh said that as the country’s fastest growing regional city, Geelong had witnessed rapid growth over the years with major Government and private investment into the area.
“The recent announcement of Amber’s $250 million project in Geelong has provided a boost of confidence in the area,” Mr McIntosh said.
“Pakington Strand Shopping Centre resides on the largest commercially zoned site along Pakington Street and forms an integral part of the suburb being its community centre,.
“There is a strong opportunity for an incoming purchaser to reap the benefits of an existing and strong-trading shopping centre whilst having the upside to develop a major project,” said Stonebridge’s Justin Dowers.
The vendor, the Bai Fu Xin family, said Pakington Strand represented a once-in-a-lifetime opportunity to make a meaningful contribution to Geelong’s economic future for any developer whose focus was on Victoria’s second major city.
Pakington Strand Shopping Centre, 95-103 Pakington Street, Geelong West is being offered for sale via an Expressions of Interest campaign, which closes at 2pm on December 5.