Reynolds Road property goes on market

7 February 2023

The City of Geelong has appointed Colliers to market the property on 17 Reynolds Road, Belmont, one of four surplus assets earmarked for sale through the Council’s 2022-23 budget.

Colliers successfully auctioned the Civic Centre Car Park in Geelong in December 2022 for $22.6 million.

The Reynolds Road property includes a commercially leased ten-pin bowling centre, a maternal health centre and car parking. The City has placed as a condition of sale that the maternal health centre will remain in operation under a lease at the site for 20 years.

Mayor Trent Sullivan said the sale was a continuation of the Council’s plan to reduce debt and raise revenue to fund community facilities. “We are facing a tough economic environment, with huge cost increases in the construction sector impacting our budget,” Mayor Sullivan said.

“These sales form an important piece of our affordability in our long-term budget planning and will help us to provide improved community infrastructure for our growing population.”

Deputy Mayor Anthony Aitken, chair of the Council’s Finance portfolio, said the property had been identified as surplus to the Council’s needs. “It makes sense for us to sell this non-core property to help us remain financially sustainable and invest in other facilities that we have identified as a higher priority for the community,” Mr Aitken said.

“We recognise that a maternal health centre exists on the sale site and plays an important role in the local community – a condition of sale will provide certainty for that service for the next 20 years.”

Colliers Senior Executive Ben Young said the property comprises 2,975 square metres of building area with approximately 175 car parks on a total of 15,605 square metres of mixed-use land.

“This is a strategic investment opportunity in a thriving location with significant landholding, which presents as an investment with long-term potential for redevelopment,” Mr Young said.

The two properties earmarked for sale by the Council this financial year, still to be listed, are:

  • 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.

The Reynolds Road property will be sold via private auction on the 9th of March at 12 pm. Expressions of interest are invited by contacting Colliers.