Geelong Blockbuster Development Site Sells

A 7111sq m “supersite” in Geelong has sold for what may be the city’s biggest transaction in two years.

While the exact sale price and buyer were still under wraps, Darcy Jarman real estate’s Tim Darcy and Andrew Prowse said the figure was “probably” in excess of the $22.6 million outlaid for Geelong’s 4000sq m Civic Centre Car Park, which sold in December 2022.

Known as GCBD, the eight-title, triple-street frontage site at 33-41 McKillop Street, 36-40 Little Myers Street and 107 Gheringhap Street is in Geelong’s health precinct—one of several major precincts formed as part of the Central Geelong Framework Plan.

It also has Activity Centre Zoning, which will give its new owner the chance to create a range of commercial, medical, residential or mixed-use areas, including high-density options, subject to council approval.

Predominantly owned by Geelong Bank and Gforce Employment and Recruitment, the site features five separate buildings with the main two-storey building comprising the office headquarters of Gforce.

Gforce also has a warehouse at the site’s single-level corner building, which includes Geelong Bank and Geelong Endodontic Specialist offices.

A 1920s, three-bedroom house at 40 Little Myers Street is vacant.
Darcy and Prowse worked on the sale with JLL’s Capital Markets Victoria team, Josh Rutman, Mark Stafford and Jesse Radisich.

Stafford said the site generated six formal bids from local, Victorian and national groups and the buyer did not have any concrete plans for the site.

“They just saw a good opportunity for a good parcel of land and they saw the potential that it could have in the future,” Stafford said.

“So they’re considering a range of outcomes, especially given the site’s position at the entrance to the CBD.

“They’re big believers in Geelong and the local area and I think that, over the years, they will transform the site.”

Stafford said a supersite such as GCBD was rare, not only because it comprised eight titles but also because only two owners controlled the large parcel.

“It is prime for future development and for providing far more services to the local community than what it is now,” he said.

Stafford said Geelong Bank and Gforce also decided on the sale as a way to reinvest back into Geelong.

“For them, it’s about bringing capital to their businesses so that they can …secure the services that they provide to the local community for the long-term future,” he said.

“Geelong Bank and Gforce both realised the upside and potential that their land holdings had and the sale was about bringing that potential to life and securing their future moving forward as well as really enhancing the services that they can provide to Geelong.

“Both vendors are adamant (that they’re) committed to Geelong, and they see their long-term future here.”