This article is from the Australian Property Journal archive
BASE Group has bought the former home of the Fyansford Silos in Geelong for $11 million, as developers starved of opportunities in Melbourne look for opportunities beyond the city’s boundaries.
World-renowned street artist Rone returned to his home city to paint the three Geelong Cement Silos in 2017. They bore large-scale portrait of local individuals, Corinna Eccles, Cor Horsten and Kelly Cartwright and were the 14th to be completed as part of the Australian Silo Art Trail – and the first to be demolished, during April last year.
The 170-174 and 222 McCurdy Road Fyansford landholding of 28,786 sqm was owned by Adelaide Brighton Cement, an Adbri company, which traded from the site from 1993 to 2001, with the site’s connection to cement manufacturing spanning back to 1916.
Gross Waddell ICR’s Danny Clark, Alex Ham and Andrew Greenway managed the expressions of interest campaign with Charter Keck Cramer acting as transaction advisor.
They said the property offered significant development flexibility with many developers seeking to develop either townhouses, house and land or retirement living. The campaign received over 140 enquiries and many offers via local Geelong developers, Melbourne developers and offshore backed developers.
“Given Geelong is identified as one of Australia’s hottest housing markets, the buyer competition was fierce with multiple buyers vying for the final position,” Clark said. Greater Geelong has been one of the nation’s biggest destinations for city slickers.
Base Group recently purchased another townhouse project in Werribee, between Melbourne and Geelong.
“The market is presently starved of opportunities in Melbourne; therefore, buyers are prepared to seek out opportunities further afield,” Greenway said.
Sivasli has just added a proposed townhouse development site in Fyansford to its development pipeline in a $3.2 million deal negotiated by Gross Waddell ICR, while in the neighbouring Gen Fyansford community, ICD Property and one of Thailand’s biggest land developers, Supalai have recently sold two town centre sites.
In Geelong’s Armstrong Creek, Melbourne-based developers have recently bought 1.67 hectares of development land, while listed major Stockland spent $43 million on land in the area for a master planned community.
