This article is from the Australian Property Journal archive
ABOUT $10 million is expected for one of Geelong’s major woollen mill sites, perched on the banks of the Barwon River and is primed for redevelopment.
The 3,000 sqm Union Flour Mill, in Newtown, was converted into a textile factory circa 1869 and has been home to Pegasus Antiques since 1988.
The brick building sits on a significant landholding of 3,673 sqm of mixed-use zoned land at 512-560 Latrobe Boulevard, on the River’s north bank. Zoning presents opportunities for multi-level residential or commercial development, taking advantage of the uninterrupted views.
“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,” said Colliers’ Chris Nanni and Ben Young, who are marketing the property.
Geelong is one of the host locations for the 2026 Commonwealth Games and its population is expected to more than double to 510,000 by 2054.
“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,” Young said.
The Victorian government has just released a 30-year vision for the CBD, next to Newtown, that includes increasing the central population from 2,500 to 16,000.
