This article is from the Australian Property Journal archive
THE 150-year-old historic woollen mill in Geelong’s Newtown is set for a new chapter as hospitality offerings and offices after being acquired by developer Hamilton Group.
Owners of 35 years, Pegasus Antiques listed the 3,000 sqm mill in March with expectations of about $10 million, appointing Colliers’ Chris Nanni and Ben Young to the sale..
The brick mill, converted into a textile factory circa 1869, sits on 3,673 sqm of mixed-use zoned land at 512-560 Latrobe Boulevard, on the north bank of the Barwon River. Pegasus Antiques has been there since 1988, but will now be joining forces with Geelong business, Kerleys Auctions under the new business name Homesse Furniture and Homewares and sell high-end quality modern furniture on an online platform.
“This is truly what Hamilton Group is about. We love these buildings,” said Cam Hamilton, director at Hamilton Group said.
“We are looking to split it into multiple tenancies, accommodating retail to food, drink, and office, much like the Woolstores we completed on 400 Pakington Street, Newtown.
“We will take this one to the next level to ensure its survival for the next 100 years.”
Nanni said Geelong continues to provide fantastic development opportunities in a fast-growing market.
“As Australia’s second-fastest-growing city, Geelong will stay on the radar for many investors and developers, as the growth rate from an economic and population standpoint only continues.”
The population of Geelong, one of the host locations for the 2026 Commonwealth Games, is expected to surge from 203,450 residents in 2022 to 510,000 by 2054.
Colliers is also marketing a 3.54-hectare site in Highton, at 140-150 Colac Road & 246-248 South Valley Road, which has dual combined street frontage, is currently vacant and comes with an architectural scheme for 101 townhouses, 64 apartments, a childcare centre, and a medical facility.
“This is a rare and significant landholding, ready for a visionary developer to create a defining residential or mixed-use project with outstanding access to local, schools, retail, medical and transport in the rapidly growing regional pocket, Geelong,” Nanni said.
Expressions of interest close 8th June.
