- The 2,100sqm site is about 300 metres from the Geelong Waterfront
- The developers first foray into the booming Geelong market
- Presently, the site has approval for a 12-storey commercial tower
Developer Gurner has announced a partnership with Dean Montgomery to build a $300 million mixed-use precinct near the Geelong Waterfront.
The 2,100sqm parcel of land at 20-28 Brougham Street, 300 metres from the Geelong Waterfront, will be transformed into a sustainable precinct featuring an activated ground plane, hotel and urban garden.
Residential apartments will also be located on the upper levels of the development.
The heritage façade will be restored with a ground-floor food and beverage precinct that will serve as the link between the new council offices and the nearby university.
The move represents Gurner’s first foray into the Geelong market – one that has been growing exponentially in recent years, even before Covid. The wider Greater Geelong area is home to over 274,000, with this forecast to grow by another 100,000 within the next two decades.
This announcement comes off the City of Greater Geelong announcing both Gurner and Montgomery as one of two partners shortlisted for the redevelopment of Osborne House.
The site has an existing permit for a 12-storey commercial building holing about 26,000sqm of gross floor area. Fender Katsalidis has been engaged for the design, with the permit amendment to be lodged by the end of this year.
It is one of the last remaining prime waterfront sites with north-facing water views.
Modern living for Victoria’ second largest city
Gurner founder Tim Gurner said the building will celebrate the best of Geelong while transforming the location towards city living, noting the retail and hospitality offering is reminiscent of Chelsea Market in New York.
“Sitting on top of the hotel will be a collection of large luxury owner-occupier residences for locals and downsizers.
“Geelong has always been Victoria’s quiet achiever, but now with the renewed regional push as many families consider regional locations, I believe Geelong’s market run hasn’t really even begun yet.
“Buyers are reassessing their lifestyle choices and are looking for affordable locations close to beaches with easy accessibility into the CBD, and Geelong ticks all those boxes and more.
“Regional tourism is set to flourish in the next few years, as holiday preferences change and regional destinations such as Geelong continue to grow in popularity – the opening of new attractions, like the Spirit of Tasmania terminal in Geelong, will further drive this activity.”
As part of Gurner’s ambitious Greener by Gurner initiative, the building will be fully carbon neutral.
While the site was acquired to build a mixed-use development, if planning changes make this difficult, Mr Gurner said the existing office scheme will proceed.
Gurner’s has announced a raft of projects across the eastern seaboard, most notably several build-to-rent developments.
Mr Gurner is one of the richest self-made Australians under the age of 40, with a net worth of $609 million according to the Australian Financial Review.