Geelong CBD supersite offers access to the country’s biggest growth market

MELBOURNE, 10 May, 2024 – A landmark CBD site with four street frontages at the core of the health precinct in central Geelong is to be launched to market in the coming weeks, which is sure to attract significant attention from a broad range of developers. This is the most significant development site in Geelong in recent times and the finest remaining opportunity within the CBD.

Positioned at the entrance to the Geelong CBD, this 7111sqm supersite is bordered by McKillop, Gheringhap, Little Myers and Bambra streets and sits across from St John of God Geelong Hospital and the Rydges Hotel.

The supersite occupies an elevated position, with the potential for stunning view lines over the Geelong CBD, Corio Bay, Kardinia Park and GMHBA Stadium from future developments.

The combined assets are being marketed by JLL’s Capital Markets Victoria team led by Josh Rutman, Mark Stafford and Jesse Radisich, in conjunction with Geelong-based agents Darcy Jarman’s Tim Darcy and Andrew Prowse, with Urbis appointed as Transaction Manager. 

As one of Australia’s fastest-growing cities, central Geelong is expected to support the development of an additional 60,000 jobs and 16,000 residents through to 2050, with the city making great strides through the expansion of Deakin University, the addition of government enterprises such as WorkSafe, TAC and the NDIA, major employers such as Cotton On, key transport linkages including Avalon Airport and the Spirit of Tasmania, and a wide array of start-ups and research ventures.

“The site is perfectly positioned at the entrance to the Geelong CBD and acts as a key gateway site to the cultural and economic core of Geelong,” said Mr Stafford. “The potential for the site is unmatched in terms of scale, with the new Central Geelong Framework placing the site in the middle of the city’s burgeoning healthcare precinct.”

The state government-backed blueprint is only 12 months old and provides a 30-year masterplan aimed at supporting growth and development in the city across nine distinctive precincts. 

The Health Precinct, anchored by St John of God Geelong Hospital and Barwon Health University Hospital (formerly Geelong Hospital) to the east, “supports a range of medical and health-related services within a mixed-use residential environment”, according to the masterplan.

“Major transformation and the growth of facilities are anticipated in the short-to-medium terms, focused on interconnected facilities creating a distinctive mixed-use precinct. The site offers an unparalleled opportunity to service the unmet need for key worker accommodation in the CBD, including in the health sector.”

Mr Prowse noted that: “We’ve continued to witness significant growth and development of Geelong in recent years, with the city boasting the fastest population growth in Victoria and second fastest in Australia, and the fastest jobs growth of all Australian regional cities.

“The growth and success of Geelong has attracted leading employers and developers to the region. We’ve seen international employers Hanwha and KPMG moving into the local area, joining the likes of WorkSafe, NDIA, TAC, GMHBA and more. While acclaimed developers Gurner, Pellicano and Amber PG both have significant development projects ongoing,” Prowse added.

The high-profile city block – officially listed as 33-41 McKillop Street, 36-40 Little Myers Street and 107 Gheringhap Street in postcode 3220 – is just a short distance from Geelong and South Geelong railway stations, and barely 200 metres from the Kardinia Park sports and recreation area, which contains GMHBA Stadium, home of the Geelong Cats AFL team.

Mr Rutman hailed the city’s growing appeal to young families and professionals looking for greater career and lifestyle opportunities, as well as more affordable housing options that underpin the growing local economy.

“There is a great sense of renewal in Geelong and a growing purpose and pride,” he said. “The influx of new businesses, enterprises and people is driving demand for improved services including healthcare options.

“We expect that interested buyers will be quick to appreciate the growth and activity that Geelong is generating and will value the tremendous opportunity this offers. This site is unmatched in Geelong and will play a significant role in realising its potential.”

Geelong Bank and gforce Employment + Recruitment have combined to offer the landmark holding to market, with Geelong Bank having operated from the site since 1991 and gforce since 1998. 

Both vendors have affirmed their commitment to the Geelong community with local staff and a local presence. The focus at this stage for both organisations is the sale of the site, with possible future locations to be considered in due course. 

Geelong Bank CEO Vivien Allen said: “This year, Geelong Bank is celebrating 50 years of serving the financial needs of Ford Motor Company employees, the founders of FCCS Credit Union and, more recently, the communities of the Greater Geelong and surrounding regional areas. We look forward to relocating to premises that will better suit our customers, whether they wish to do their banking face to face or online. We also want to make it easier for our team members to deliver outstanding customer service in contemporary, welcoming spaces.”

gforce CEO Keith Baillie also highlighted the benefits of the site for the community.

“We are committed to continuing to help people achieve the benefits of employment,” he said. “Our existing site also represents a wonderful opportunity for Geelong, and we are excited about how it can contribute to growing our community.”

The property will be available via an Expressions of Interest campaign closing 20 June, 2024 at 2pm.