Cotton On founder and majority owner Nigel Austin has paid $7.15 million for the Gen Fyansford Town Centre sites near Geelong.
The 6.23 hectare holding was offloaded by ICD Property and Thailand’s Supalai Public Company, which are developing c1400 homes around it.
A 4.8ha component – 35 (formerly 47) Hyland Street – is zoned Commercial 1 and permitted for a shopping centre, office and community facilities.
There is also the potential to include high density residential.
The smaller block – 51-59 Hyland St – is gazetted Mixed Use and could make way for apartments too.
“The purchaser is local to Geelong and I am confident they have the perfect blend of intimate local knowledge and expansive capabilities to deliver the Gen Fyansford Town Centre in a way that best serves our estate residents and wider surrounding community,” ICD director Matt Khoo said.
“The two Town Centre sites…have long been an attractive drawcard to purchasers of the…Gen Fyansford estate, offering the promise of immediate access to everyday amenity that improves residents’ lifestyle,” he added (story continues below).
Savills’ Benson Zhou and Julian Heatherich represented ICD and Supalai.
The deal comes three months since we reported Adbri sold the hilltop Fyansford site which between 2017-2020 accommodated silos painted by street artist Tyrone Wright (Rone).
That buyer, Base Group, is expected to build townhouses on the 2.88ha holding.
Fyansford is about five kilometres west of Geelong.
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