Regional Victoria development opportunity

Colac Otway Shire has appointed Colliers to seek expressions of interest for a 4.2 hectare parcel of land excess to council requirements, with an emphasis on finding affordable housing outcomes.

Developers are being invited to put their hands up to transform this significant parcel of land at 36-52 Bruce Street, Colac, for residential use.

Colliers Jonathon Lumsden, Andrew Lewis and Edward Tansey are bringing the property to market via a two-phase EOI campaign.

Mr Lumsden said the site was zoned General Residential Zone GRZ1 and adjoined, on its northern boundary, the closed Bruce Street municipal landfill site that operated between 1974 and 1997.

He said council was inviting submissions from developers of land in partnership with a home builder and/or Registered Housing Association/provider; home and land developers in partnership with a Registered Housing Association/Provider; or a Registered Housing Association/Provider.

“Colac is located less than two hours, or 150km, west of Melbourne and is linked by rail and a dual highway,” Mr Lumsden said.
“The current population of Colac is 13,000 and is predicted to grow to 20,000 by 2050.

“The trade area served by the city currently sits at approximately 21,000 people and includes communities such as Apollo Bay, Birregurra, Beeac and Forrest.

“36-52 Bruce Street is located adjacent to residential dwellings, Lake Colac and is within close proximity to the Colac CBD which is easily accessible from the Princes Highway.”

Agents expect the site will hold strong appeal to both local and national developers with an appetite for residential development in regional towns.

“These developers will be familiar with key drivers and current and future demand for Colac and the surrounds,” Mr Lumsden said.

“The Colac Otway Shire council will enter into discussions with registered potential purchasers to understand their proposed development plans and timelines, and upon reaching agreement will enter into a contract of sale.

”Mr Lewis the site was a significant listing for the region, as the end development would provide the area with affordable real estate compared to the blocks of land around Geelong and Armstrong Creek.

“This land is an opportunity to embrace the city-meets-country friendliness of Colac and still be an easy commute to Geelong where residential values are soaring on the back of sprawling residential growth along the Armstrong Creek corridor,” he said.

“The demand for affordable blocks will be attractive to local and potential future residents and the future development will also be seen as a boost for the local economy with the use of local contractors and suppliers.”

Mr Lumsden said Colac continued to provide value for money residential real estate, with median prices over the past year sitting at $373,000 for houses and $320,000 for units.

For further details, contact Colliers agents Andrew Lewis on 0418 508 908, Jonathon Lumsden on 0402 213 572 or Ned Tansey on 0492 892 101.