Colliers lands long-term tenant for high-profile Melbourne Road site, signalling confidence in city’s booming retail corridor.
In a major boost to North Geelong’s retail landscape, iconic global secondhand retailer Savers has secured a long-term lease at 340-344 Melbourne Road, North Geelong. The deal, brokered by Colliers, sees Savers take up 2,390 sqm of prime retail space in a high-profile corner location, marking a significant milestone for the precinct.
The lease follows the recent $8.5 million sale of the property, also negotiated by Colliers, and will set record new rental rates per square meter for retail assets along Melbourne Road. The site’s strategic positioning, with dual access points, rear loading bays, and ample parking, made it a standout opportunity for both investor and tenant.
Chris Nanni, Senior Sales & Leasing Executive at Colliers Geelong, said, “The landlord was keen to secure Savers given the strength of the brand and its alignment with the evolving retail landscape. This lease sets a new benchmark for retail along this highly desirable commercial corridor and will finally see this building re-activated to its full potential.”
Savers, a purpose-driven retailer founded in 1954, operates more than 300 stores across the U.S., Canada, and Australia. Known for its commitment to sustainability and community, the brand has become a leader in the circular economy, helping divert millions of items from landfill each year across its existing Australian stores.
Nathan Brown, Manager, Large Format Retail at Colliers, commented, “Savers has been looking for a site in Geelong for several years now. What appealed most about this location was its visibility, accessibility, and strong local catchment. It’s a high-traffic area with excellent exposure, and the corner positioning offers unbeatable signage opportunities.”
Mr Brown added, “Rents are rising significantly across this catchment due to a lack of new developments. This has created strong financial outcomes for landlords, with existing buildings, such as this one, benefiting from heightened demand and limited supply in the Greater Geelong area.”
In a major boost to North Geelong’s retail landscape, iconic global secondhand retailer Savers has secured a long-term lease at 340-344 Melbourne Road, North Geelong. The deal, brokered by Colliers, sees Savers take up 2,390 sqm of prime retail space in a high-profile corner location, marking a significant milestone for the precinct.
The lease follows the recent $8.5 million sale of the property, also negotiated by Colliers, and will set record new rental rates per square meter for retail assets along Melbourne Road. The site’s strategic positioning, with dual access points, rear loading bays, and ample parking, made it a standout opportunity for both investor and tenant.
Chris Nanni, Senior Sales & Leasing Executive at Colliers Geelong, said, “The landlord was keen to secure Savers given the strength of the brand and its alignment with the evolving retail landscape. This lease sets a new benchmark for retail along this highly desirable commercial corridor and will finally see this building re-activated to its full potential.”
Savers, a purpose-driven retailer founded in 1954, operates more than 300 stores across the U.S., Canada, and Australia. Known for its commitment to sustainability and community, the brand has become a leader in the circular economy, helping divert millions of items from landfill each year across its existing Australian stores.
Nathan Brown, Manager, Large Format Retail at Colliers, commented, “Savers has been looking for a site in Geelong for several years now. What appealed most about this location was its visibility, accessibility, and strong local catchment. It’s a high-traffic area with excellent exposure, and the corner positioning offers unbeatable signage opportunities.”
Mr Brown added, “Rents are rising significantly across this catchment due to a lack of new developments. This has created strong financial outcomes for landlords, with existing buildings, such as this one, benefiting from heightened demand and limited supply in the Greater Geelong area.”
Geelong’s retail leasing market has seen a surge in activity in recent years, driven by population growth, infrastructure investment, and increased demand from national and international retailers. Key arterials such as Princes Highway, Latrobe Terrace, and Torquay Road have become hotspots for retail expansion, with tenants seeking to capitalise on the city’s booming residential corridors.
According to Commonwealth Bank of Australia’s Regional Movers Index (RMI) Geelong is leading Australia’s regional migration boom, attracting 9.3% of all movers—more than any other area, including the Sunshine Coast. Its strong appeal lies in easy access to Melbourne, major transport links, and a thriving economy that draws both businesses and skilled workers.
“The arrival of Savers is expected to draw significant foot traffic and further cement North Geelong’s status as a thriving retail destination,” concluded Mr Nanni.
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