Colliers International sells landmark property in Belmont
The former CSIRO research facility located in the Geelong suburb of Belmont has been sold after a lengthy negotiating period.
Colliers International’s Ben Young has sold the 63,700sqm site at 1 Henry Street in Belmont on behalf of the Commonwealth.
The purchaser, boutique property developer Up Property, currently has a number of residential projects across Geelong and Melbourne delivering over 180 dwellings. Up Property had been in negotiations with the Government since tenders closed in June 2014.
“Up Property was attracted to this site due to its proximity to the Geelong CBD, Waurn Ponds Shopping Centre, schools and major roads,” Mr 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.
Mr 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 said.
The property incorporates a total building area of over 22,000sqm – a mix of single or two-storey buildings including offices, laboratories, warehouses and amenities.
It 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.” Mr Young said.