TICK FOR $150M TOWER
A $150 million development on Ryrie St will be Geelong’s largest mixed-use tower and include the city’s biggest new hotel in 20 years.
The Franzé Developments project has been given the goahead and is set to include 10 levels of office space, 24 residential apartments, 1000 sqm of retail space and a 180bed Holiday Inn hotel.
Demolition is already under way at the 44 Ryrie St site, which is opposite Barwon Water.
Construction is scheduled to commence later this year and completion expected in mid-2020.
The apartments are expected to start selling in October, and the $75 million Holiday Inn Hotel & Suites — which will be the first of its kind in Australia — is scheduled to open in two years’ time.
GEELONG’S largest mixeduse project has been approved, paving the way for the city’s biggest hotel in two decades to open.
The 180-bed Holiday Inn hotel is scheduled to open in 2020 on Ryrie St, after Franzé Developments secured planning approval for the wider venture.
The $150 million project will also include: 10 levels of office space; 24 residential apartments; 1000 sqm of ground floor retail; A RESTAURANT and bar, swimming pool, gym, parking, meeting facilities and a function room for 250 people.
Demolition is under way and construction is scheduled to commence in late 2018, with completion expected in mid-2020.
The apartments are expected to start selling in October, while Colliers International is managing the leasing campaign for the 7400 sqm of office space.
Franzé Developments managing director Paul Franzé said he was thrilled to receive the State Government’s backing for what he sees as a new gateway to the city centre.
“Geelong is now one of Australia’s fastest growing regional cities … and the urban environment and amenity needs to respond accordingly,” he said.
Design studio Architectus is leading the project’s design.
Managing principal Matthew Smith said the development would draw on the history of both the city and the site and fit into the adjacent cultural precinct.
“The materiality, rhythm and scaling of the buildings reference the iconic wool stores of Geelong, and the grain of the city’s rich heritage fabric,” he said.
The site, at 44 Ryrie St opposite Barwon Water, was bought from John Orchard Furniture for $7 million last year.
Global operator The InterContinental Group has signed a 20-year management agreement to operate the hotel.
The $75 million Holiday Inn Hotel & Suites will be the first of its kind in Australia and the largest new hotel project in the region in almost 20 years.
It is scheduled to open in 2020 and will target the longer-stay segment of the tourism market.
The offices and apartments will have access to communal outdoor spaces and a vertical green wall is proposed to face Ryrie St.
The development is welcome news for the region’s tourism sector, which has highlighted that short-term accommodation has not kept pace with demand.
Tourism Geelong and the Bellarine executive director Roger Grant told the Geelong Advertiser last month that more beds were needed, especially with the imminent arrival of international flights at Avalon Airport.
“We get about 5.3 million visitors annually. Every projection says that will go to seven million by 2030,” Mr Grant said.
“Based on that, we’re about 1500 to 2000 rooms short of what we require.”