CostaFox pitches luxury Rippleside project

The Cremorne office – 1-11 Gordon Street – which reached practical completion this month.

CostaFox Developments is promising a “luxury project that Geelong has not seen before” on a waterfront Rippleside site picked up earlier this year from MacKillop Family Services.

The proposed Rippleside project contains 50 dwellings.

The proposal, submitted to council this week, will see the c1849 Stella Maris Convent, formerly known as St Helens, repurposed with oversized flats.

Beside this, three level structures with more apartments, and townhouses, are planned.

All up 50 dwellings – with a market value of c$100 million – is anticipated.

About 6000 square metres – or half of the (1.274 hectare) block will be landscaped.

Historic property to be repurposed

CostaFox paid $11.3m for the properties – 39 Bay St and 9 Helen St.

Director Michael Fox said the largest proposed units will spread 300 sqm and have three car parks.

The new structures will take design cues from the company’s Bower Manly project, in Sydney’s north.

“The Stella Maris mansion will be retained, restored, renovated and extended sympathetically and will be a feature of the development with commanding views,” Mr Fox added.

Rippleside is about 2.5 kilometres north of the Geelong CBD (story continues below).

Elsewhere in the regional town, Franze Developments is replacing the ex-Trans Otway bus depot with a mixed-use project, Geelong Quarter, also with high-end apartments.

In Armstrong Creek – about 10 kilometres south from there – Stockland this week paid $43m for a 30.6ha low density housing block.

CostaFox keeps busy

Also this week, an 11-level office at 1-11 Gordon Street, in Melbourne’s inner-east Cremorne – which CostaFox sold to Bayley Stuart on a funds-through basis in 2019 – reached practical completion.

In Southbank, opposite Crown Casino’s main entrance, the developer also recently applied to redevelop the historic Tea House site, with a mixed-use project.

With residences, a hotel and shops – its tallest tower will rise 25 floors.

Last year CostaFox sold a six hectare West Footscray site, permit-ready for a business park, for $21.8m

That buyer, NextDC, this month paid $24m for the 4.17ha parcel next door.

A data centre is now earmarked to replace the amalgamation.

CostaFox’s plan for the Stella Maris Convent site carries and end value of c$100 million.
The Rippleside project contains apartments and townhouses.

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Marc Pallisco

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