A former flour mill built in Geelong in the 1800s and offering 3000sq m has come on the market.
The brick building at 512-560 Latrobe Boulevard, Newtown on the fringe of the CBD, was the Union Flour Mill until 1869 when it became a woollen mill. It has been an antiques store since 1988.
Colliers Chris Nanni and Ben Young are marketing the property. Nanni said the 3673sq m mixed-use-zoned land had potential for multi-level residential or commercial development.
It is being sold by an expressions of interest campaign that is due to close in April.
Nanni said the Geelong commercial market had remained strong in the first quarter of 2023.
“The asset presents a significant development opportunity, supported by government-funded projects and the coming Commonwealth Games, and is on the outskirts of the second fastest-growing population in the country,” he said.
Geelong’s population is expected to surge to 510,000 by 2054 from 203,450 in 2022. Employment opportunities were also increasing with 1000 new jobs coming online each year.
“Geelong is rapidly evolving with several infrastructure and transport developments commencing in the coming months,” Colliers agent Ben Young said.
“It will significantly boost tourism and enhance lifestyle opportunities in Victoria's booming regional area.”
The Victorian government recently announced planning controls for the state’s second-largest city that focus on jobs, services, housing and key tourism destinations within Central Geelong.
The plan includes guidelines for building design as well as improvements to city streets, public spaces and public transport.
While there are 20,000 jobs and 2500 residents in Central Geelong, the plan is expected to help deliver 60,000 jobs and 16,000 residents by 2050.