Hamilton Group buy historic Geelong mill

The former Union Flour Mill will be repurposed as a retail and dining investment.

Hamilton Group has added another historic mill to its book – this time at Newtown.

The Newtown asset contains c3000 square metres of lettable area.

The Geelong based developer and investor is speculated to be paying about $10 million for the ex-Union Flour Mill, which was converted to the Allied Woolen Mills in 1869.

At 512-560 Latrobe Boulevard – a 3646 square metre Mixed Use zoned holding on the banks of the Barwon River – it has been held since 1998 by the occupier, Pegasus Antiques.

Part of the Latrobe Boulevard property is fit out as a gym.

A section is also rented to a gym.

The property was offered with a development scheme for 23 townhouses, 57 apartments, a café, pool and gym.

Colliers’ Chris Nanni and Ben Young were the agents.

Redevelopment planned

Hamilton Group also owns an ex-woolstore at 400 Pakington St, Newtown, and the Federal Mills in North Geelong.

It intends to renovate 512-560 Latrobe Blvd with a focus on retail, including food and drink and other hospitality, and offices.

“We love these buildings,” director Cam Hamilton said.

“Sitting on a substantial holding…the iconic mill provides several development possibilities, taking advantage of the uninterrupted views,” he added.

“We are looking to split it into multiple tenancies…much like the woolstores we have completed at 400 Pakington St,” according to the executive (story continues below).

The Newtown property is about two kilometres from Geelong’s CBD.

“We will take this one to the next level to ensure its survival for the next 100 years”.

Pegasus recently teamed with Kerleys Auctions to create a new furniture and homewares store, Homesse, which will trade elsewhere; Kerleys has a store at 185 Moorabool St.

The $300 million proposal set to replace 20-28 Brougham Street.

Another Geelong development

The 512-560 Latrobe Blvd deal comes two weeks since Amber Property Group with the ACTS Global Church were granted permission to develop Cunningham Place – with a hotel, apartments, 650-seat auditorium and 5000 sqm conference theatre – on a CBD site bound by Clare, Corio and Gheringhap streets and Transit Place.

Last March, meanwhile, Montgomery Group appointed Gurner as joint venture partner for a $300m project incorporating the Dennys Lascelles Limited woolstore, at 20-28 Brougham St, also with frontage to Bayley and Gheringhap streets.

With an end value expected to circle $300m, that development will include apartments and a hotel.

Also in town, Bill Votsaris in 2020 purchased the town’s historic former post office with plans to repurpose it as a hotel.

“Geelong continues to provide fantastic development opportunities in a fast growing market,” Mr Nanni said.

“As Australia’s second fastest growing city, Geelong will stay on the radar for many investors and developers, as the growth rate from an economic and population standpoint only continues,” he added.

“It’s certainly an exciting time for Geelong as we continue to strive for more infill development and revitalise some of our and historic buildings,” according to the executive.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.