CITY LIVING BECKONS
Prime residential development site hits the market
LIVING in the heart of Geelong’s CBD has never been more attractive to buyers as construction has started on several residential developments.
An opportunity to secure a prime CBD development site with approved planning permit for seven residences has been listed for sale for $1.675 million.
The site, at 118 Corio St and 2 Hays Place, Geelong, which is being used as a carpark, sold last year for $962,500.
Whitford, Newtown, agent Dale Whitford said since then a permit had been approved for seven two-bedroom, three-storey residences.
“People are very keen to be in the city, the renaissance of Geelong seems to be under way with projects like Miramar, The Mercer and Geelong 1 Apartments,” Mr Whitford said.
“Those projects are helping draw people to the city and we are seeing the same sort of change we saw in Melbourne years ago.”
Mr Whitford said one of Geelong’s biggest drawcards was its north-facing bay.
“It is nice to have that northern aspect. People are attracted to the city because there is stuff happening there and the more people it attracts the more things will happen there like restaurants, cafes and quality shops,” he said.
The majority of buyers for these inner-city developments are downsizers, retirees and professionals, hesaid.
“These developments are filling a niche, a lot of people are aspiring to a lock-it-and-leave lifestyle with security,” Mr Whitford said.
“I have heard from a few farmers who said they have spent most of their life on a tractor, now they want to spend the rest of their life looking at the water.”
The proposed townhouses will feature a home office on the ground floor, living area on the middle level and two bedrooms on the top level.
Mr Whitford said the home office, if people chose to use it that way, provided a great opportunity for smaller traders to operate out of their home.
If these two-bedroom, two-bathroom and two car space residences were already built they would be selling for $800,000 to $850,000, he said. 118 Corio St and 2 Hayes Place, Geelong, is listed for sale for $1.675 million. For details contact Whitford, Newtown, agent Dale Whitford on 0417 500 576.