VALUE IN GROWTH
Why developers are circling Armstrong Creek blocks
TWO families preparing to end decades on the land are set to cash in as Geelong’s southern expansion approaches their front gates.
The properties at 691-699 Barwon Heads Rd, Armstrong Creek and 4371 Sparrovale Rd, Charlemont, have attracted strong interest from developers keen to unlock the potential of the land that’s already been rezoned for urban growth.
Price hopes for the 2.4ha Barwon Heads Rd property are $950,000 to $1.045 million, while $2.5 million expectations have been placed on the 12ha site at Sparrovale Rd.
But Richardson, Newtown agent Peter Bell said it’s unclear what level the developers showing interest in the sites are prepared to pay.
Mr Bell said the rezoning of land within the Armstrong Creek Urban Growth Area had locked out lifestyle buyers and landbankers from the expansion areas of Armstrong Creek, Charlemont and Mt Duneed by increasing the value of the blocks, which both contain houses.
But the sight of the Warralily Village shopping centre and nearby houses had increased the immediate development potential, he said.
“It’s been a little hard to pick where they’re going to end up but our inquiry level is from far and wide,” Mr Bell said.
“The developers would be looking to do something with the land.”
The Sparrovale Rd property is zoned Urban Growth 1 and is part of the Armstrong Creek North East precinct, where Mr Bell said the site had been earmarked for a light industrial park.
But the future of the Barwon Heads Rd site, within the Armstrong Creek East precinct, was still open.
“It would depend on the application to knock it into blocks, to build another supermarket or a service station — whatever is needed,” Mr Bell said.
“It’s six acres and they’re going to acquire a bit for the (duplication of Barwon Heads) road, so it’s going to be a very popular corner,” he said.
“It’s only 400m to 500m from the new shopping centre and Warralily as such. It’s all happened around it (Warralily). These have become very special blocks.”
Mr Bell said the owners in Barwon Heads Rd had been there since the 1970s, while several generations had farmed the Sparrovale Rd property.
The Barwon Heads Rd site is also close to a 94ha site sold to Chinesebacked Melbourne developer Jinding Australia for a 600-home estate.
Expressions of interest for 43-71 Sparrovale Rd, Charlemont, close on March 26 at 5pm. 691-699 Barwon Heads Rd goes to auction on March 7 at 11am.