GEELONG’S growth potential and the chance to plan a large-scale development in the city has aroused the attention of developers from outside the region.
At play is a 2012sq m city fringe site at 73-77 Mercer St, Geelong, which has been offered through an expression of interest campaign by Darcy Jarman, Geelong West agents Simon Jarman and Tim Darcy.
Mr Darcy said the site directly abuts the construction site for the Miramar aparments and is a short distance from The Mercer building site, which showcases what’s possible on this activity zone site with two street frontages.
The property is walking distance to Deakin University, Geelong train station and central business district.
Mr Darcy said the agents weren’t quoting a price but expected the property to sell between $4 million and $5 million.
“Given the size of the land and its geographic location, it’s probably most suitable for a fairly intense development,” Mr Darcy said.
The neighbouring Miramar project will rise 21 storeys, while the owners of that project also retain the freehold of the neighbouring Winter & Taylor car dealership, have further plans in the area, Mr Darcy said.
“It’s going to suit an intense development in which you can maximise with a fairly significant height. It could incorporate commercial and residential uses or a mixture of both,” he said.
An existing $67,980 year lease to Mototech runs until 2020, giving the buyers significant holding income while they push their plans.
“We’re already dealing with a significant level of interest and majority of that has come from areas outside of Geelong,” he said.
“It’s Geelong in itself, which has been a very positive high-growth market in the country.”