The State Government recently released the Central Geelong Framework Plan providing a long-term strategic land use plan for the development of Central Geelong to 2050, as the city continues on a rapid growth trajectory, having experienced significant growth over the last decade, accelerated by the recent pandemic.
The new Framework Plan will guide investment and development by the Victorian Government and the private sector for the City of Greater Geelong, creating certainty for the community, landowners, developers and businesses as central Geelong transforms into a vibrant hub with modern offices, retail, hospitality and culture opportunities.
According to the Central Geelong Framework Plan, Central Geelong will be home to 16,000 people and 60,000 jobs in 2050, compared to its current 20,000 jobs and 2,500 residents. The city will expand its footprint as Victoria’s second-largest city, with people connected to its waterfront, offering an abundance of amenities and services as well as workspace, education and culture.
Data released by Cordell by CoreLogic in January 2023 note that there are currently over $16.2 billion worth of projects either proposed, approved, under construction or recently completed in the City of Greater Geelong, with eight of these being office buildings set to provide workspaces for the 1,000 new job opportunities presented to the city each year.
The increase in new job opportunities as well as expected population growth of 2% per year and an undersupply of quality office accommodation, provides the opportunity for a ground-breaking new commercial precinct developed by Livv Developments, who has just received permit approval and launched a leasing campaign for their $150 million office development Yale Place.
Designed by renowned architectural firm Gray Puksand, Livv Developments Marc Akkerman said, “With the shift to a more flexible working environment and the residential growth seen during and after the pandemic, we see a gap in the market to provide a better working environment for employers and employees that call Geelong home.”
“By bringing the best of what the Melbourne CBD market has to offer to a regional area, we see less reliance on travel and more investment in the local economy. Geelong is quickly expanding its footprint as a leading Australian city, and Livv Developments is excited to be part of shaping the future of Geelong both at 16 Gheringhap Street and also at our recent acquisition of 15 Avalon Road, due to form part of a future State Significant Employment precinct.”
Colliers agents Chris Nanni and Kevin Tutty have been appointed to manage the leasing campaign of Yale Place, which will comprise 12,000sqm of commercial and mixed-use floor space in the boldest premium office building within the region with Geelong’s first-ever commercial rooftop restaurant and bar set to deliver dining experiences unlike any other offered in Geelong.
Colliers’ Director of Office Leasing, Kevin Tutty, said, “Yale Place is not a traditional office building. It’s a place that perfectly balances state-of-the-art workspaces and before and after-hours experiences across 13 levels of A-grade office space with 270-degree waterfront and city views in the heart of Geelong’s business district.”
Mr Tutty added, “Yale Place also comprises an internal winter garden with balcony retreats on each floor, sleek end-of-trip amenities, on-site eateries, fitness facilities, generous bicycle parking, charging stations and the captivating rooftop bar and restaurant.”
Situated within Geelong’s emerging Knowledge and Enterprise Precinct, 16 Gheringhap Street will become the headquarters of a commercial revolution in Geelong, strategically located close to the Geelong Train Station, Johnstone Park, the waterfront and Geelong’s CBD.