A prime asset in the heart of Geelong CBD has changed hands as Colliers’ agents Ben Young and Chris Nanni transact an 800 sqm two-storey brick building for $2,810,000 to an owner occupier with vacant possession.
“180-182 Ryrie Street last sold in May 2021 for $2,650,000 and has, in just two years, generated a price growth of 6%. A strong sign that Geelong is not slowing down and continues to have growth year on year, despite current market conditions,” explained Colliers’ Senior Executive Ben Young.
“The asset sits on a land area of 710 sqm, providing an opportunity for significant upscale as it meets the recently released Central Geelong Framework Plan, which allows a new height limit of 28 metres, lending itself to an 8-storey redevelopment (STCA).”
Strategically surrounded by major businesses such as Village Cinemas, McDonald’s, Telstra, and Sporting Globe, the asset has benefited from high foot traffic, making it suitable for various commercial purposes such as retail, office, residential, or a combination.
As Australia’s second fastest growing city, Geelong keeps on transforming, with the preferred developer for the future Geelong Convention Centre being recently announced.
Plenary Conventions will lead the almost $300 million project, funded by the Victorian and Federal Governments and the City of Greater Geelong. The new precinct will include a 1000-seat venue, two large exhibition spaces, meeting rooms and flexible event spaces. Several retail spaces and a 200-room hotel will also form part of the Centre.
Member for Geelong Christine Couzens said that the designs had been unveiled. “We are all very excited to have seen the designs, which look really impressive,” Ms. Couzens said. “It’ll be another iconic building for Geelong.”
Ms. Couzens said it was a chance for groups and organisations across Victoria’s south-west to use the Convention Centre instead of heading to Melbourne.
The project is expected to support 600 jobs during construction and another 270 ongoing jobs. Preliminary works are currently underway, and construction is due to commence shortly with the completion of the Convention Centre, and hotel will be finish in 2026.
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