Costa AM digs deep for Geelong site

The Civic Centre Car Park sold at auction for $22.6 million.

Costa Asset Management is believed to have dug deep for a prominent Geelong investment with long-term redevelopment potential, paying $22.6 million – or 10 per cent over guide.

The ex-Deakin University Waterfront Car Park 3 is earmarked for an exhibition centre and hotel.

The Civic Centre Car Park at 21 Gheringhap Street was offered by the City of Greater Geelong which will tip proceeds into, amongst other things, its development pipeline.

The vendor plans to offload at least three more properties this year: the Busport car park and, outside of town, a Belmont bowling alley and KFC in Corio.

Colliers’ Ben Young, Andrew Lewis and Chris Nanni are the agents.

Costa Asset Management recently listed 235 Ryrie Street for sale.

The deal comes 13 months since the state government acquired the c1.5 hectare Deakin University Waterfront Car Park 3, with significant frontage to Western Beach Road, for a $294m convention and exhibition centre with a 1000-seat lecture theatre, 3700 square metre multi-purpose space, offices and 200 room hotel.

Late last year, Deakin applied to construct its replacement car park at 13-15 Brougham St, which will activate Little Brougham Lane with market stall retail and a public event space.

Civic Centre Car Park

On 4082 square metres, the four level Civic Centre Car Park, opposite Geelong Town Hall and Johnstone Park, was offered with a condition 500 bays are kept until 2032.

The block then offers significant development upside – zoned Activity Centre, up to nine storeys could be considered (story continues below).

With frontage to Malop and Little Malop streets, the parcel could also accommodate multiple towers.

The speculated buyer, Costa AM, the investment office of Robert and Anthony Costa, outbid two other suitors for 21 Gheringhap St.

Elsewhere in the immediate area, the group recently refurbished and re-let the ex-Capital Building Society headquarters, 235 Ryrie St (a property which is coincidentally for sale, again with Colliers).

Since 2021, the investment house has, in partnership with Brix Property Group, acquired industrial development sites at Bayswater and Seaford, in Melbourne, and at Brisbane, in Acacia Ridge and Stapylton.

“We had strong demand from local and national purchasers, who recognised the future value of the site with its prime location in Geelong,” Mr Young said of the 21 Gheringhap St campaign.

“With the council’s target of achieving 10,000 residents within the CBD, there is significant opportunity for mixed use and residential high rise developments,” he added.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of