Icon civic site with secure returns hits the market

One of Geelong’s best-known multi-level car parks has hit the market through Colliers who are excited to present 21 Gheringhap Street, Geelong, on behalf of the City of Greater Geelong.

The listing is described as a strategic property with long term redevelopment upside that features a significant land holding of 4,082sqm and is positioned perfectly in between the new office high rises and the arts precinct.

With a projected income circa $2,000,000 per annum, and 170 metres of street frontage, Colliers agent Ben Young said buyers must maintain the 503 commercial parking spaces for at least 10 years under a term in the contract, which, along with ground floor tenancies on Little Malop Street could generate more than $2 million a year income.

“This would give the potential Geelong and Melbourne bidders time to devise and seek approval the ultimate plan for the site.

“Major developers looking to hold the property for a minimum of 10 years as a car park that can see the enormous upside in redeveloping the site,” Mr Young said.

“It gives them time to create a development plan on that site, whether it’s one or two interconnecting towers, because you’ve got the major street frontages.

“It’s rare to see an acre of land with 170 meters of street frontage, located in the heart of Geelong’s CBD, being brought to market.”

 

The most recent draft Central Geelong Framework Plan indicates that this key development site has the potential to build up to 28 meters or eight storeys.

The City of Greater Geelong plans to use proceeds from the sale of the Civic Car Park at 21 Gheringhap Street to deliver new and upgraded assets across the municipality.

Residents were previously invited to provide feedback on the proposed sale through council’s 2022-23 Budget, Rating and Revenue Plan.

The Civic Car Park was built in the 1970s and features 503 commercial car parks and four retail stores.

It is one of four land holdings that are not in the council’s long-term plans and will be sold, alongside Busport Car Park, 17 Reynolds Road, Belmont, which contains a Tenpin bowling centre with a commercial lease; a maternal health centre run by the city, and car parking; and 200 Princes Highway, Corio, containing a KFC.

The property sales are a means to transfer capital from assets the council does not need to own, to invest in new community assets and repay and reduce future borrowings.

Geelong mayor Trent Sullivan said the car park was a significant land holding for the city and they had thought carefully about the decision to proceed with the sale.

“The auction will raise funds for critical infrastructure and help to meet the needs of our growing population.

“We know that car parking is an important issue for our community, so we’re making sure that carparking is guaranteed on site for a decade.”

To request an inspection or for more information please contact Colliers, as the exclusive selling agent, Ben Young on 0407 296 679 or Andrew Lewis on 0418 508 908 or Chris Nanni on 0438 306 361.

For sale by private auction on Wednesday, December 21 at noon.Geelong mayor Trent Sullivan said this was a significant land holding, and the auction would raise funds for critical infrastructure to help to meet the needs of the growing population.