Owner Occupiers in the Professional Services Sector buy into new strata offices at Barwon Business Park

18 January 2024

More than 60% of the commercial off-the-plan strata offices at Barwon Business Park, nestled along the scenic banks of the Barwon River in Newtown, have already been snapped up by savvy investors and businesses.

Agent Michael De Stefano, Director at Gartland, says there has been strong interest in the development, particularly from professionals in property services, design, engineering, and finance.

“The response to Barwon Business Park is extremely positive as it’s the first time in decades that individually titled offices are available in Geelong. Most buyers are business owners from the professional sector keen to upscale their business,” he says.

One local business owner is doubling down in Newtown, attesting to the value of Barwon Business Park and the wider area. Adam Nikolovski, Director of Niko Insurance Group, is the latest to buy and has plans to move his current office to Barwon Business Park upon completion.

Key to this decision was the prime location on the waterfront with panoramic views and the space’s underutilisation, which Adam sees as a market failure.

“I have worked in this area for 4 years and lived in Geelong my whole life. The location features several key benefits that will only lead to price appreciation. Waterfront views, bustling business activity, and a quality build made this an easy decision. I have known of the developers and the quality work they’ve been doing for a while now, which definitely played a part in my decision to purchase at Barwon Business Park. I’m looking forward to making it my business’ headquarters for the long term!”

As Adam highlights, the scarcity of available riverfront property along the Barwon and the strategic location in prime Newtown makes it a highly desirable investment for businesses seeking modern offices with a scenic view and tax advantages.

De Stefano emphasised the appeal of businesses purchasing through a self-managed super fund, explaining, “Buyers can capitalise on super’s 15% tax rate. It’s an opportunity to invest in a property, lease it back to yourself, and benefit from the growth potential of this rapidly gentrifying area in a tax-friendly environment.”

With a limited land supply along the Barwon River, Barwon Business Park is one of the leading developments in an area transitioning from industrial to commercial and residential spaces. De Stefano explaines, “Being among the first to secure an individually titled office in this gentrifying area is a strategic move that can yield significant returns in the future. Given the limited supply of riverfront properties, the potential for increased property value is tremendous.”

“From a price perspective, those who invest now may wish they had bought more in a couple of years. The uniqueness of this riverfront property makes it a one-of-a-kind opportunity, and being among the first in this area will undoubtedly prove advantageous as the community continues to evolve.”

Barwon Business Park is being developed by IDS Developments (IDS), the same company that transformed Geelong’s derelict “Ritz Flats” into a landmark destination with the stunning R Hotel.

IDS Founder Phil Petch says his latest project on the banks of the Barwon River offers unparalleled views that won’t be built out. “We’re right on the Barwon River, bushland setting, and we’re in Newtown, which is Geelong’s best postcode,” he enthuses.

“One of my pet hates with commercial developments is the shocking landscape or lack of it. At Barwon Business Park, we’ve got an extensive indigenous landscape that links into the surrounding bushland. We’re making the most of the natural environment, again making it a destination where employees want to come to work,” he concludes.