A Geelong-based private investor has secured the site for a new town centre in Geelong’s western suburbs.
ICD Property and Supalai, the developers behind the Gen Fyansford housing project have offloaded the significant sites in Hyland St, Fyansford in a confidential deal.
The Advertiser understands the transaction realised a circa-$10 million value for the combined 6.23ha properties, which flank the intersection of Deviation Rd and Hyland St.
Savills agents Benson Zhou and Julian Heatherich handled the campaign, which was launched prior to the outbreak of the Covid-19 pandemic in February last year.
The key town centre sites at 47 and 51-59 Hyland St provide the opportunity to deliver the commercial town centre within the estate.
The 4.79ha site at 47 Hyland St is predominantly zoned Commercial 1, plus General Residential and Public Park, while 51-59 Hyland St sits on 1.438ha and is entirely zoned for Mixed Use.
Mr Zhou said the estate provides about 1200 lots that surround the two commercial sites.
The developers chose to on-sell the commercial landholdings in order to remain solely focused on delivering the estate’s residential components to the highest quality.
“The land market is extremely hot right now, given the fact that the residential market is booming,” he said.
“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.
“The sites have the potential for a range of uses, including but not limited to a supermarket, specialist retail, commercial and community facilities, plus options for a mix of medium and high density residential, making the land extremely versatile.”
City of Greater Geelong signed off on the masterplan for the commercial centre in 2019.
The Fyansford Common is not part of the commercial precinct, though the land 51-59 Hyland St currently holds the Peter McCann Memorial Grove.
Mr McCann established the Australian Portland Cement Co at Fyansford in 1889. The cement works closed in 2001 after Adelaide Brighton Cement acquired the plant in the early 1990s.
Mr Heatherich said the site was 3km from central Geelong and neighbours established suburbs Herne Hill and Newtown.
“Gen Fyansford is ideally placed to provide convenient access to Melbourne and its amenities, while simultaneously offering the desirable coastal lifestyle synonymous with Geelong and its surrounds full of coastal destinations and escapes,” he said.
“Moments from the 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.”
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