Year-on-year growth continues for Geelong commercial property

The Geelong commercial market continues to attract investors as this sector experiences year-on-year growth.

The Colliers Geelong team have been consistently transacting sales in this space with many recent wins including the successful sale of the historic woollen mill in Newtown on behalf of Pegasus Antiques, along with some core assets for the City of Greater Geelong and several other prime commercial properties including bringing to the market the leasing opportunity at Quintessential Equity office tower, at 20 Gheringhap Street, Geelong.

This time Colliers have transacted another prime asset in the heart of Geelong CBD as agents Ben Young and Chris Nanni complete the sale of an 800 sqm two-storey brick building for $2,810,000 to an owner occupier with vacant possession.

Colliers senior executive Ben Young said 180-182 Ryrie Street last sold in May 2021 for $2,650,000 and has, in just two years, generated a price growth of 6 per cent.

“This is a strong sign that Geelong is not slowing down and continues to have growth year on year, despite current market conditions.

“The asset sits on a land area of 710sqm, providing an opportunity for significant upscale as it meets the recently released Central Geelong Framework Plan, which allows a new height limit of 28 metres, lending itself to an eight-storey redevelopment subject to council approval.”

Strategically surrounded by major businesses such as Village Cinemas, McDonald’s, Telstra and Sporting Globe, the asset has benefited from high foot traffic, making it suitable for various commercial purposes such as retail, office, residential or a combination.

As Australia’s second-fastest growing city, Geelong keeps on transforming, with the preferred developer for the future Geelong Convention and Exhibition Centre being recently announced.

Plenary Conventions will lead the almost $300 million project, funded by the Victorian and federal governments and the City of Greater Geelong.

The new precinct will include a 1,000-seat venue, two large exhibition spaces, meeting rooms and flexible event spaces.

Several retail spaces and a 200-room hotel will also form part of the centre.

Geelong MP Christine Couzens welcomed the unveiling of the designs.

“We are all very excited to have seen the designs, which look really impressive and will be another iconic building for Geelong,” she said.

“It will be a chance for groups and organisations across Victoria’s south-west to use the Convention Centre instead of heading to Melbourne.”

The project is expected to support 600 jobs during construction and another 270 ongoing jobs.

Preliminary works are presently under way, and construction is due to start shortly with the completion of the Convention Centre, and hotel expected to be finished in 2026.