A landmark super site earmarked for future commercial and industrial use within Geelong’s major new employment precinct in the Avalon growth corridor is up for sale.
The 148.5 hectare property at 1860 Princes Freeway in Point Wilson, which is situated in the Greater Avalon Employment Precinct Structure Plan (PSP) and close to the Avalon Airport, has been owned by a private family for the past 50 years.
It will now be taken to the market via an International Expressions of Interest campaign run by James Thorpe, Stephen Kelly, Andrew Gallucci and Michael Satterley of Knight Frank.
The listing of the Point Wilson property follows the sale of a 141 hectare site at 15 Avalon Road in Avalon rumoured to be in the vicinity $93 million to LIvv Developments and Payton Capital, in a deal negotiated by Knight Frank.
Pricing for 1860 Princes Freeway, which is of a similar size to 15 Avalon Road, is expected to garner interest in excess of $100m.
Mr Thorpe said landholdings in The Greater Avalon Employment PSP were extremely tightly held by a number of prominent developers, so an opportunity to secure a property ripe for development was expected to be highly sought after.
“Opportunities to acquire land in this area are very hard to come by,” he said.
“This is the first time in half a century that this land has come to the market, and in total there are only around 10 owners in the entre PSP.
“Since the sale of 15 Avalon Road the PSP has been implemented, providing a greater level of certainty for developers.
“The land at 1860 Princes Freeway has been used for farming until now, but future uses are likely to include retail, commercial and industrial development.
“The potential is huge, given the major plans for the area, and we are expecting interest from a range of buyers, including institutional groups and large private developers.”
The Greater Avalon PSP is a state significant PSP located approximately 20 kilometres northeast of Geelong and 55km southwest of the Melbourne CBD. It is identified within the Avalon Corridor Strategy and is also home to Avalon International Airport as a key land use with plans to establish an aerotropolis featuring significant industrial and commercial opportunities.
Mr Kelly said 1860 Avalon Road was located at the entry point to the Greater Avalon Employment PSP when travelling from Melbourne.
“Benefitting from being situated on the most eastern site within the Greater Avalon Employment PSP, the property will likely provide the gateway to this state significant precinct, for all traffic heading between Melbourne and Geelong,” he said.
“With over 2.15 kilometres of direct Princess Freeway frontage the site will benefit from high exposure and access into the future.
“Another major advantage is its linkages to all major and proposed strategic transport hubs including road via the Princes Freeway, air via the Avalon International Airport, rail via the Western Interstate Freight Terminal and sea via the future Port of Melbourne at Avalon.
“The quality of the site is further reinforced through its proximity to the Northern Geelong Growth Area, part of the largest urban growth project in regional Victoria, with the potential to welcome more than 47,800 new residents.”
The International Expressions of Interest campaign for the property at 1860 Princes Freeway closes at 2pm (AEST) on Thursday, June 15.