Council lists Geelong car park on an acre
The City of Greater Geelong is selling a prime development site opposite Town Hall.
The Civic Car Park at 21 Gheringhap Street, also fronting Malop, Little Malop and Tolmie Place, is expected to fetch more than $20 million at auction next month.
On 4082 square metres – just over an acre – and zoned Activity Centre, at least two towers could be considered.
The discretionary height limit is 28 metres – about nine floors.
Colliers’ Ben Young, Andrew Lewis and Chris Nanni are the agents; they said the investment is located between the town’s Arts precinct, and new, high rises offices, amongst them Worksafe’s 14 level (65m) headquarters.
Their listing comes two years since council sold the old Geelong Post Office to Bill Votsaris for $4m, and four years since it divested the Old Geelong Gaol, on Myers St, to another developer, Dean Montgomery, banking $1.5m.
In coming years, CGG is expect to offload at least three more assets: the Busport Car Park on Brougham St, and, outside of the CBD, a Reynolds Rd, Belmont bowling alley and KFC at 200 Princes Highway, Corio.
21 Gheringhap Street
Developed in the 1970s, rising four floors, the Civic Car Park is one of Geelong’s most conspicuous properties (story continues below).
With ground floor retail, it could return annual rent of c$2m.
As part of the sale term, any incoming owner must provide 500 car parks for at least the next 10 years.
Elsewhere in central Geelong, Geoff Brady’s Amber Property Group in May teamed with Acts Global Churches to propose a $250m hotel-based project on an island site at 35 Corio St.
Near there, at 20-28 Brougham St, Gurner, with Mr Montgomery, is behind a residential focused mixed use scheme incorporating a historic three storey woolstore, speculated to have a c$300m end value.
Franze is also completing two towers in the area, a project called Geelong Quarter, which includes standard apartments, luxury dwellings, retail and a Holiday Inn.
Quintessential Equity, which like Amber, Franze and Gurner, is Melbourne based, is also in the pocket – constructing a replacement CGG headquarters.
Subscribe to our newsletter at the bottom of this page.
