Local buyer acquires prime Geelong site for $22.6M at auction

22 December 2022

The Civic Centre Car Park, located at 21 Gheringhap Street in Geelong, has sold at auction for $22.6 million.

The sale of the 4,000 sqm property in central Geelong was exclusively managed by Colliers’ selling agents Ben Young, Andrew Lewis and Chris Nanni on behalf of The City of Greater Geelong.

Bidding opened at $16 million, with three bidders taking part before the property sold under the hammer for $22.6 million.

Colliers’ Senior Executive, Ben Young, said that the asset, expected to attract interest of around $20 million, received strong interest throughout the campaign from both local and offshore investors.

“We had strong demand from local and national purchasers, who recognised the future value of the site with its prime location in Geelong.”

“With the council’s target of achieving 10,000 residents within the CBD, there is significant opportunity for mixed use and residential high-rise developments,” Mr Young added.

The property is the first of four assets the Council has earmarked for sale as part of its 2022-23 budget, with the proceeds to be used to help fund facilities and services for the community.

A condition of the sale is that the 500 commercial car parks on site are retained for a minimum of 10 years.

Mayor Trent Sullivan said the sale was a positive outcome in a challenging economic climate.

“Rising construction costs are placing pressure on the Council’s budgets, and the funds from this sale will go back into community assets, helping us deliver the facilities needed to support our growing population,” Mayor Sullivan said.

“A sale of this significance is also pleasing because it shows confidence in the business sector about central Geelong’s future and long-term economic potential.”

The settlement will take place in June 2023, with all existing shop leases within the property to be honoured.

As part of the sale, the City will retain a space in the car park for its projector for the next ten years to enable the City Hall projections program to continue.