Geelong Unveils $1bn Market Square Redevelopment Vision

The Committee for Geelong has revealed its new vision to convert the Market Square site in central Geelong from a “dead zone” into a vibrant urban heart featuring residential apartments, green space and retail offerings.

The plan includes demolishing the shopping centre while refurbishing heritage buildings and the clock tower on Moorabool, Malop and Little Malop streets.

A 5000sq m green public space would host weekend markets and live events, extending the Little Malop Street dining precinct across Moorabool Street.

A key component is a highrise apartment building proposed for the current carpark site, featuring more than 300 apartments, carparking and mixed-use spaces to deliver essential housing stock for Central Geelong.

Committee for Geelong chief executive Michael Johnston said the vision featured “bold and ambitious ideas to fuel Geelong’s growth and economic prosperity”.

The vision was developed with support from planning and design experts Tract Consultants, WT Partnership and Preston Rowe Paterson, bringing local expertise to create what Johnston describes as “a catalytic project that can stimulate wider investment and development within Central Geelong”.

According to Johnston, the project would serve as a “circuit breaker” that could potentially “unlock over $1 billion in investment” in central Geelong.

City of Greater Geelong Mayor Stretch Kontelj reopened dialogue with Market Square’s Singapore-based owners, Davinski Nominees, who bought the centre from Geelong council for $32 million in 1996.

“The redevelopment of Market Square is crucial for the revitalisation of our CBD. We need more people living in central Geelong, and a multi-level, mixed-use redevelopment of Market Square has the potential to transform the culture of our CBD,” Kontelj said.

The site has faced decline in recent years, with only three shops remaining on its upper level after retailers such as Mind Games, Adairs and Cotton On relocated to nearby Westfield.

Johnston said that while the current owners could embrace the concept, other interested parties could also take it forward.

“Given the scale of the project, it would feasibly need to be a public-private partnership, with all levels of government working alongside a development partner to bring this vision to life,” he said.

The proposal comes after council released its draft masterplan for the block. It is understood at least $100 million would be needed to compensate Davinski should the site be compulsorily acquired, with an additional $200 million likely required for development.

Tract Consultants senior principal Simon Loader said the design aims to shape “a place where our past and future meet—an urban park that honours our history, enriches our present, and welcomes generations to come”.

The Market Square redevelopment vision comes as Kontelj explores asset sales to address council debt of $190 million, including potentially selling the Wurriki Nyal Civic Headquarters building valued at $102 million.