Corio land ready for developing

A TRACT of land opposite Beckley Park and the Geelong Ring Road will be hot property among developments when it goes to auction in a fortnight.

The 8.972ha Crown land allotment at 55 Broderick Rd, Corio, is a prime housing development site close to shopping centres and transport links.

NAI Harcourts, North Geelong, agent Joe Grgic said an added bonus for buyers is there is no stamp duty payable on the Crown land.

“It’s zoned general residential schedule 1, which means it’s ready for development,” Mr Grgic said.

“We’ve seen some ideas, nothing further at this stage, where people are looking at putting on residential allotments,” he said.

“I would think the site would take between 100 and up to 150 allotments, depending on the size of each allotment and the council requirements for open space and those sort of things,” he said.

Mr Grgic said the price guide was $3.1 million to $3.41 million.

If the property sells at the Auction: 55 Broderick Rd, Corio. top end of the range, the stamp duty saving would be more than $185,000.

Mr Grgic said there had been some local interest, but most of the attention was coming from buyers in Melbourne.

“If you look right around Geelong at the moment, there’s a shortage of land available,” he said.

“If you went to any of the land subdivisions and say I want to buy a block that I can build on today, you’ll be waiting until the land gets titled,” he said.

“With this type of development site there is not many opportunities, particularly inside the ring road.” 55 Broderick Rd, Corio, goes to auction on April 27 at 11am.