BELLARINE POTENTIAL
Development options available at key Ocean Grove site
FUTURE redevelopment opportunities within Ocean Grove’s main central business district are on the table as three prominent properties go on the market.
The trio of properties at 85 and 87 The Terrace and 96 The Parade, Ocean Grove, are being sold individually or bundled in an expressions of interest campaign to close on March 28.
Industry sources suggest the combined properties could achieve between $4 million and $5 million.
But a framework to redevelop the intersections between The Parade, Hodgson St and The Terrace could unlock two neighbouring council-owned properties (a reserve and a car park) to create a development supersite.
City of Greater Geelong director planning and development Kelvin Walsh said a key recommendation for redesigning the intersection at The Parade and Hodgson St and improve pedestrian safety under the Ocean Grove Town Centre Urban Design Framework included the comprehensive redevelopment of the land east of Hodgson St.
“In a climate where funding for infrastructure is highly competitive, innovative approaches are required to fund projects,” Mr Walsh said.
“The City is considering the creation and sale of a development site which could be sold to provide funding of the intersection and streetscape works,” he said.
Darcy Jarman, Geelong West agent Tim Darcy said the freeholds at 87 The Terrace and 96 The Parade offered strong redevelopment potential.
“There’s three separate freeholds there, all owned by the one vendor and we’re offering them all either in one line or separately,” he said.
“They’ve all fundamentally got various characteristics but 87 The Terrace and 96 The Parade in particular lend themselves to strong redevelopment scope.”
The tenancy structure and age of the buildings provide an excellent opportunity for that to happen in the near future, he said.
Mr Darcy said the sale of the commercial sites presented opportunities for investors, speculative investors and developers for components or all of the site.
The properties have more than $305,000 in annual rental income.
Mr Walsh said the City has been in discussions with Vicroads on the road design and possible sale process for the surplus road reserve that would be created by the intersection works.
Any future creation and sale of land would go through a formal public process, allowing the community to have their say on the specific proposal, he said.