Big plans: Lots in Armstrong Creek slated for large-format stores
LAND just sold in Armstrong Creek has been earmarked for large-format retail and commercial stores.
The more than 1.67 hectares of land directly opposite The Village Warralily Shopping Centre has been sold to Melbourne-based developers looking to take advantage of the massive growth in the Geelong region.
Melbourne agency Fitzroys sold Lots 13, 14 and 15 at Central Boulevard via an expressions of interest campaign that generated more than 100 enquiries and nine offers to buy from developers across the country.
Zoned Commercial 1, the lots were offered separately or together.
Oreana Property Group bought Lots 14 and 15 to create a 12,737sqm parcel of land at the corner of Barwon Heads Road, while another developer bought the 4,000sqm Lot 13 fronting Central Boulevard.
“The purchasers are looking to take advantage of the growth of Armstrong Creek, which is tipped to accommodate the bulk of growth in Greater Geelong,” Fitzoys agent David Bourke said.
He said the region continued to attract investment from national, listed and private groups alike, as well as being a focus for both state and local government.
“This was an unrivalled development opportunity at the heart of one of Victoria’s fastest-growing precincts.”
The Village Warralily Shopping Centre is anchored by a full-line Woolworths supermarket and BWS, while the land also neighbours future McDonald’s, 7-Eleven and Aldi supermarket sites.
“Greater Geelong has attracted Melburnians and Victorians in big numbers as flexible working arrangements are more widely practiced, while its offers relative housing affordability and the ongoing enhancement of rail and road networks, new lifestyle amenity and major developments in the Geelong city centre are also major attractions,” Mr Bourke said.
Armstrong Creek is one of Victoria’s fastest growing suburbs with an annual growth rate of 7.25 per cent, according to demographics research house forecast.id, and has a projected population of more than 60,000 once fully developed.
Fitzoys agent Chris James said the competitive expressions of interest process reflected the pent-up demand for retail and commercial development sites in growth regions, at a time in which large-format and convenience have outperformed other retail segments.
“With Australians spending more time at home, there has been more money and built-up savings put towards interior design, furniture, entertainment, and at-home work spaces,” Mr James said.
“Large format retail centres open for trade presented opportunities to shop at easily-accessible sites with ample on-site parking, and larger spaces that some have found more comfortable to visit during COVID. Large-format retail tenants have traded strongly over the past 18 months and this has seen investors place a premium on bulky goods assets.”
Major developers ID_Land and Central Equity have also recently bought land tracts for new master-planned communities in Armstrong Creek.
The $1 billion, 40ha Armstrong Creek Town Centre opened in September last year. Developed by national company Wel.Co, it has just been sold to ASX-listed Home Consortium’s Daily Needs Trust for $55.6 million.
Armstrong Creek is eventually expected to be home to 22,000 jobs, with a focus on technology and connections with Deakin University, as well as health and education community facilities.