Strategic Geelong property with an abundance of value-add potential hits the market

16 March 2023

A prized freehold asset with historical significance as one of Geelong’s major woollen mills has exclusively been brought to market by Colliers’ Chris Nanni and Ben Young.

The iconic 3,000 sqm Union Flour Mill was converted into a textile factory circa 1869 and has been home to Pegasus Antiques since 1988.

The iconic brick building sits on a significant landholding of 3,673 sqm of Mixed-Use Zone land, presenting an opportunity for multi-level residential or commercial development, taking advantage of the uninterrupted views, increased demand for regional living and a flourishing tourism economy.

“The asset presents a significant development opportunity, supported by government-funded projects and commonwealth games, located on the outskirts of the second fastest growing population in the country.

“After a solid 2022, the Geelong commercial market remains buoyant as sales and leasing rates remain strong in the first quarter of 2023”,” said Mr Nanni.

Situated in the thriving and vibrant suburb of Newtown, within a diverse community that provides excellent amenities and easy access to Geelong CBD and other regional areas.

Colliers’ Ben Young added, “Geelong is rapidly evolving with several exciting infrastructure and transport developments about to commence in the coming months. It will significantly boost tourism and enhance lifestyle opportunities in Victoria’s booming regional area.” Geelong’s population is expected to grow to 510,000 by 2054, a significant jump from 203,450 residents in 2022. Job opportunities in Geelong are also proliferating, with 1,000 new opportunities presented each year.

The Expressions of Interest campaign for 512-560 Latrobe Boulevard, Newtown, will close at 2 pm (AEST) on Tuesday, 4th April 2023.