This article is from the Australian Property Journal archive
BOUTIQUE developer Up Property has snapped up former CSIRO research facility in Geelong from the Commonwealth government following lengthy negotiations.
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Colliers International’s Ben Young sold the 63,700 sqm site at 1 Henry St in Belmont for an undisclosed price. Although there expectations when it came on the market last year that the site would sell for approximately $8-10 million.
Up Property had been in negotiations with the government since tenders closed in June 2014. The boutique developer currently has a number of residential projects across Geelong and Melbourne delivering over 180 dwellings.
Located 5km from Geelong`s CBD, there are currently 19 buildings with over 22,000 sqm of space.
“Up Property was attracted to this site due to its proximity to the Geelong CBD, Waurn Ponds Shopping Centre, schools and major roads,” Young said.
Young said the marketing campaign attracted interest from a diverse range of local, Melbourne, interstate and overseas based buyers.
“These groups showed interest in the property due to its central location within a fully established suburb of residential dwellings,” he added.
The property is currently zoned ‘Commonwealth Activity’ under the City of Greater Geelong Planning Scheme, but is suitable for Residential zoning once the property is transferred out of Commonwealth ownership.
“This site has the ability to cater for a number of different potential uses, subject to the relevant approvals, including residential development, an aged care or retirement village facility, child care facilities or other commercial uses.” Young said.
Up Property’s managing director Adam Davidson said he was excited about the opportunity this landmark project represents for the Belmont area and looks forward to working with both the council and community in delivering a great outcome.
Australian Property Journal
