Wilmac Corio, a premium industrial warehouse development in Geelong, is now complete and fully sold, with sales totalling more than $60 million.
The project set a new benchmark for industrial property in the Geelong region, being one of the city’s only large-scale estates of newly built 1,000sqm-plus warehouses with corporate-grade offices and direct Ring Road exposure.
The full sell out of Wilmac Corio reflects both the scarcity of large-format, newly-built industrial stock in Geelong and the region’s growing appeal to national and institutional occupiers.
All 12 warehouses in the development at 128-146 O’Brien’s Road in Corio, totalling 22,577sq of gross floor area, have been sold for more than $60 million in total.
A significant proportion of the development was pre-sold prior to construction commencing, materially de-risking the project and demonstrating strong buyer confidence. The balance of the warehouses were transacted during construction or shortly after completion, which occurred in the second half of last year, culminating in the full sell-out of the estate.
The last warehouse to sell, a 1749sq m warehouse at 10 Industry Place, was purchased by a prominent local investor securing his second asset within Wilmac Corio for $4.2m.
This final sale to a repeat purchaser is a strong endorsement of the project’s quality, performance and long-term investment appeal.
The sales in Wilmac Corio were negotiated by Knight Frank agents Steve Jones, Nathan Edgar and Chris Bolsin in conjunction with Tim Darcy and Andrew Prowse of Darcy Jarman on behalf of Victorian-based developer Wilmac.
With rents achieved at up to $180/sq m, Wilmac Corio has established new rental benchmarks for Geelong with pricing now comparable to – and in some cases exceeding – parts of metropolitan Melbourne. This represents a step-change in pricing and highlights a structural shift in occupier demand toward high-quality regional industrial locations.
Occupiers in Wilmac Corio now include blue-chip national occupiers and high-performing local businesses including Harvey Norman, Ventia, Polyaire, Direct Freight, Stage II and Partington.
Knight Frank’s Steve Jones said the strong demand from both buyers and tenants for the warehouses in Wilmac Corio was evidence of the quality of the development, as well as the strength of Geelong’s industrial market.
“Geelong is attracting industrial users due to its relative affordability and accessibility, but Wilmac Corio really set a new benchmark for industrial property in the region,” he said.
“It was the only industrial project in the region offering newly built warehouses of 1,000sq m or more – stock that is in high demand and short supply – but the calibre of the development was also a drawcard.
“Wilmac Corio has attracted many large high-profile occupiers, including local businesses looking to expand, as well as those relocating to the region.
“The high-profile nature of many of the buyers and tenants demonstrates the quality of Wilmac Corio, reflecting strong market demand for modern, well-designed industrial facilities that support both operational efficiency and brand presence, as well as the confidence industrial users have in the Geelong region.”
Wilmac Corio delivers a level of quality, functionality and corporate presentation rarely seen in the local market. The project features premium office amenities, expansive hardstand and loading areas, generous car parking, and immediate high-profile exposure to the Geelong Ring Road, positioning it as one of the region’s most strategically located and best-presented industrial estates.
Stamp duty concessions of 50% available for regional commercial and industrial property in Victoria added to the affordability proposition of Wilmac Corio.
Wilmac Corio is the developer’s second major success in Geelong, following the 2021 sell-out of a 70-lot industrial estate in Breakwater. Across more than 20 projects, Wilmac has delivered over 500 warehouses in key Victorian growth corridors.
Wilmac Director Angus McQueen said Wilmac was proud to announce the successful completion and full sell out of Wilmac Corio, its latest industrial development, which was conceived in response to a clear gap in the Geelong market for large-format, premium industrial accommodation capable of attracting national and growth-orientated occupiers.
“This marks a major milestone for the company and sets a new standard for premium warehouse accommodation in the Geelong market,” he said.
“Wilmac Corio was conceived to raise the bar for industrial development in Geelong.
“We saw a clear opportunity to deliver a premium estate that went beyond traditional warehouse product — one that combined functionality, corporate-quality office space, strong truck access and genuine street presence. The response from tenants and buyers has validated that approach.”
Beyond the success of Wilmac Corio itself, the project represents another step in Wilmac’s growing track record as a trusted industrial and commercial property developer, with end-to-end capability across site acquisition, planning and early-stage de-risking, design management, development delivery, leasing and sales and proven ability to execute projects through varying market conditions.
“This project demonstrates what Wilmac stands for – well-located sites, thoughtful design, and developments that create long-term value for occupiers, investors and project partners alike,” said Mr McQueen.
“It also reflects our focus on identifying and unlocking opportunities, then managing risk and delivery in a way that gives our partners confidence.
“We are actively seeking new industrial-led development opportunities across metropolitan and regional Victoria, including infill industrial sites and raw or underutilised land suitable for industrial development and industrial/commercial subdivision projects. We welcome discussions with landowners and groups looking to sell sites or partner with an experienced development team, particularly where Wilmac can add value through structuring, de-risking and end-to-end project execution.”
With Wilmac Corio now complete and fully sold, Wilmac is focused on expanding its development pipeline across metropolitan and regional Victoria, continuing to work with landowners, capital partners and occupiers to deliver the next generation of industrial and commercial assets.
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