This article is from the Australian Property Journal archive
MELBOURNE based ICD Property and one of Thailand’s biggest land developers, Supalai, have offloaded two town centre sites in a master-planned Geelong estate, nearly 18 months after putting them to market just before COVID struck.
Sold to a private investor, the sites at 47 and 51-59 Hyland Street provide the opportunity to deliver the commercial town centre across 6.23 hectares within the vendors’ Gen Fyansford estate.
Gen Fyansford will provide 1,200 residential lots around the commercial sites, located three kilometres from central Geelong.
They have the potential for a range of uses, including supermarket, specialist retail, commercial and community facilities, plus options for a mix of medium and high-density residential, making the land extremely versatile and multipurpose, according to Savills selling agents Benson Zhou and Julian Heatherich.
47 Hyland Street sits on 4.79 hectares and is predominately has commercial 1 zoning plus general residential and public park, whilst 51-59 Hyland Street sits on 1.438ha* and is entirely zoned as mixed use.
Zhou said the developers chose to on-sell the commercial landholdings in order to remain solely focused on delivering the estate’s residential components. They were initially offered early last year.
“The land market is extremely hot right now, given the fact that the residential market is booming. This was a rare opportunity for the right buyer to secure a significant parcel of land in a prime location nearby Geelong’s CBD and within its own thriving community.
“The buyer made a very strategic purchase with the acquisition of these two landholdings.”
A Commonwealth Bank and Regional Australia Institute’s report showed movements from capital cities to regional areas between March of 2020 and 2021 increased 66% in the last quarter compared to the same period in 2020. Greater Geelong was one of the nation’s biggest destinations for city slickers.
Gen Fyansford estate is neighbours established suburbs Herne Hill, Newtown and Highton.
Heatherich said the community is “ideally placed to provide convenient access to Melbourne and its amenities, whilst simultaneously offering the desirable coastal lifestyle synonymous with Geelong and its surrounds full of coastal destinations and escapes”.
“Moments from the iconic Bellarine Peninsula and Victoria’s Surf Coast, there are a myriad of reasons why the greater region of Geelong is making a name for itself”.
