Rare development opportunity in Geelong CBD brought to market

Exclusive selling agents from Colliers Ben Young and Chris Nanni are bringing a unique development opportunity, set on a 950sqm Activity Centre zoned land parcel, to market in the heart of Geelong CBD.

Strategically surrounded by major businesses such as Village Cinemas, McDonald’s, Telstra and Sporting Globe, 178-182 Ryrie Street comes with potential for future development to utilise the new height limit of 28 metres set under the Geelong Framework plan outlined by the State Government.

Colliers’ Senior Executive Ben Young said, “Under the recently released Central Geelong Framework Plan, 178-182 Ryrie Street has a new maximum height limit of 28 metres, lending itself to an 8-storey redevelopment (STCA).”

“The property benefits from high foot traffic and excellent exposure to both pedestrians and passing vehicles, which makes it a suitable asset for various commercial purposes such as retail, office, residential or a combination.”

178 Ryrie Street is currently utilised as a 170sqm single-level retail shop whilst 180-182 Ryrie Street is a 710sqm two-storey brick building with a street frontage of 28 metres to Market Street at the back, both currently leased, generating an annual income of $112,540.

Being the second fastest growing city in Australia with a population expected to be 510,000 by 2050, Geelong will expand its footprint as Victoria’s second-largest city, with people connected to its waterfront, offering an abundance of amenities and services as well as workspace, education and culture.

“With over $16 billion in projects and over 120,000 new jobs in Geelong, which is growing at a rate of 1000 per year, Geelong is no longer the sleepy town it once was and being one of the hosts of the Commonwealth Games in 2026 will help boost tourism to the area,” said Colliers’ Executive Chris Nanni.

“Geelong is rapidly evolving with several exciting infrastructure and transport developments, commencing in coming months, which will further support more tourism and enhance lifestyle opportunities.”

178-182 Ryrie Street, Geelong, is being offered for sale by an Expressions of Interest campaign closing on Friday, 7 July 2023, at 2pm (AEST).