Oreana has picked up a commercial development site opposite the Warralily Shopping Centre, at Armstrong Creek.
The 1.28 hectare parcel, lots 14 and 15 Central Boulevard, on the north west corner of Barwon Heads Road, is believed to be setting it back $7 million.
A large format retail outlet is planned.
The property was offered with a neighbouring 4000 square metre block – lot 13 – which has been purchased by another developer for $2.2m, also for a commercial project.
Fitzroys’ Chris James, David Bourke and Shawn Lo were the agents.
“This was an unrivalled development opportunity at the heart of one of Victoria’s fastest growing precincts,” Mr Bourke said.
“Greater Geelong has attracted Melburnians and Victorians in big numbers as flexible working arrangements are more widely practiced, while it offers relative housing affordability and the ongoing enhancement of rail and road networks, new lifestyle amenity and major developments in the Geelong city centre,” he added.
Oreana on a roll
The Armstrong Creek deal comes three months since Oreana, led by brothers Steven and Tony Sass, acquired a 27ha low density housing site at Wollert, north of Melbourne for a speculated $30m.
This amalgamated 2466 sqm parcel is expected to make way for a mixed-use project with a hotel (story continues below).
Busy year for sales
Armstrong Creek is about 10 kilometres south of Geelong and a little further than that north of Torquay.
ID_Land owns four residential sites in the pocket – its last, with the potential to yield 400 lots, acquired for a speculated price of more than $30m in July.
Stockland has also purchased two major blocks in the suburb:
- a 12.1ha parcel at 529-549 Horseshoe Bend Rd, which cost $18m, and is earmarked for an over-55s community; and
- a 30.6ha block at 502-580 Boundary Rd, which set it back $43m and is expected to be subdivided into about 500 lots.
In June Central Equity also bought into the growth corridor – spending $21.5m on a 13.4ha tract at 371-379 Horseshoe Bend Rd.
Earlier this year Home Consortium acquired the Armstrong Creek Town Centre shopping complex for $55.6m from Wel.Co.
“Armstrong Creek is one of Victoria’s fastest growing suburbs with an annual growth rate of 7.25pc according to demographics research house forecast.id, and has a projected population of 60,000 plus once fully developed,” Mr Bourke said.
The precinct is expected to accommodate c22,000 jobs, he added.
Subscribe to our newsletter at the bottom of this page.