Campaign continues as no bids show for Corio development

A COMMERCIAL development site at the gateway to Geelong did not sell at auction despite interest from national retailers during the campaign.

The 8000sq m property at 1220 Fairbairn Drive, Corio, that is adjacent to Corio’s Aldi store, passed in on a vendor bid of $2.7 million at auction. Price hopes before auction were $2.8 million to $3.1 million.

NAI Harcourts, North Geelong agent Steve Bereza said the property had plenty of potential.

“The right buyer will come along and it will be exactly what they are after,” Mr Bereza said.

The property presents an opportunity for a buyer to implement previously permitted plans for a 3960sq m retail/medical development.

Suitable zoning also allows for uses such as childcare, aged care, place of worship, motel/hotel, self-storage and retailing, subject to council approval.

Fellow agent Gareth Oakley said the land, which is being sold by Geelong businessman Michael King, would lend itself to a small shopping centre of 10 to 20 shops to complement the Aldi store.

“We’ve had discussions with a number of national retailers, in terms of purchasing and getting developers to build on the site,” Mr Oakley said.

The site is adjacent to an 8.972ha Crown allotment that recently sold to Lara developer L Bisinella Developments for $6.85 million. Passed in: Auctioneer Joe Grgic calls for bids at 12-20 Fairbairn Dr, Corio.