Fabretto’s high ambition
GEELONG developer Ben Fabretto plans to build an office tower up to seven storeys tall after buying a city property at auction yesterday.
Mr Fabretto, who is behind the Metropol Residences development on the former Geelong West Bowls Club site, and residential builder Trevor Homes yesterday paid $1.55 million for the 345sq m commercial property 11 Yarra St, Geelong.
Mr Fabretto said he had paid top dollar for the site, at which is occupied by Power Marine on a lease with another two years to run, but the investment would pay back his family in the long term.
The property set a land rate of $4493 a square metre.
Mr Fabretto headed off challenges from two Asian buyers in an auction conducted in the rain.
“I think I can go seven storeys here, so I plan to build an office building and probably house a head office upstairs and maybe have a bit of a view,” Mr Fabretto said. “I paid top dollar for it. “In hindsight, it’s the right location. If it was 500m up the road, it would have probably gone for half the price.”
Planning for the construction to seek council approval would start soon, Mr Fabretto said, but it could be four years before any construction starts on the site.
Mr Fabretto said he had confidence the Geelong econ- omy was going from strength to strength.
Geelong Commercial Real Estate agent Neville Richards said the price was well above expectations.
Auctioneer Phil de Fegely said the property was on the market when the bidding hit $1.14 million.
“No one in their right mind could have predicted such a strong result but what a great endorsement of the CBD and Geelong in general,” he said.
“We had a solid response to our campaign and certainly we are pleasantly surprised with the level of spirited competition at our recent auctions.
“The great location and future development potential was a major factor for both the eventual purchaser and the underbidder.
“No doubt what we are seeing is a combination of increasing confidence in Geelong and a lack of supply of available stock.”