Colliers sells the City of Geelong’s Reynolds Road property

15 March 2023

Colliers has sold a council-owned property at 17 Reynolds Road, comprising a commercially leased ten-pin bowling centre, a maternal health centre and a car park, in Belmont at reserve price of $5,5m after being passed in at auction.

Colliers Senior Executive Ben Young said the significant 15,605 sqm of mixed-use land, the location and flexible zoning attracted considerable interest from local, Melbourne and interstate parties.

“The large parcel of land in a growing residential pocket of Belmont with proximity to public transport, schools, Waurn Ponds Shopping Centre, Deakin University and Epworth hospital were all drawcards for several interested groups,” he said.

Mr Young added, “The mixed-use zoning provides the new owner plenty of options to upscale the site, presenting opportunities for a multi-level residential apartment building with a mixture of commercial on the ground floor and first floor.”

Mayor Trent Sullivan said the sale would help the Council reduce debt and fund community facilities in a difficult economic environment.

“The sale is part of our long-term financial planning, with this property one of four assets we’d flagged for sale as part of our 2022-23 budget,” Mayor Sullivan said.

Deputy Mayor Anthony Aitken, chair of the Council’s Finance portfolio, said the sale was a positive outcome. “The maternal health centre on site has certainty for the next 20 years as part of the sale, which is important for the local community,” Cr Aitken said. Colliers Managing Director Andrew Lewis said the agency was proud to act on behalf of the City. “Colliers was delighted to successfully sell the property and ensure the ongoing viability of the maternal health centre,” Mr Lewis said.

“The owners of the Ozpin Ten Pin Bowling Centre have also recently signed a 10-year lease on the building, with another five-year option, which the new owner will have to honour,” Mr Lewis added.

Two further Council-owned properties are earmarked for sale this financial year, the Busport Car Park at 30-54 Brougham Street, Geelong and 200 Princes Highway, Corio (containing a KFC).

The community was invited to offer feedback on the proposed sale of all four properties via the Council’s 2022-23 Budget process.