Corio land in demand
9ha Crown allotment fetches $6.85m at auction
THE scarcity of land available for housing developments in Geelong’s northern suburbs has produced a stunning auction result, with a 9ha Crown allotment selling for $3 million above the reserve yesterday.
Lara developer L Bisinella Developments outlasted the competition from three bidders to secure the 8.972ha property at 55 Broderick Rd, Corio for $6.85 million.
Harcourts, North Geelong auctioneer Joe Grgic said the top end of the Valuer-General’s official valuation of the property was $3.4 million.
Mr Grgic said the price talked to the lack of supply of residential land in Corio, though it said as much about growth of Geelong.
“Lino and the family have put themselves on the line with their projects over the years and obviously they’ve got con- fidence in Geelong’s growth and the market,” Mr Grgic said.
Bisinella Developments manager Richard Bisinella said it would be the site for a residential development.
“It’s a good site. It’s proximity to the ring road and has easy access to Geelong and the Surf Coast,” he said.
“There’s not many large estates in the Corio region.
“We did Rose Park Estate, which comprised 180 lots, about 15 years ago.
The wedge-shaped site is behind Beckley Park between the existing Corio property line and Geelong Ring Road.
The Beckley Park Trust will benefit from the sale, with the Treasury set to share the proceeds of the sale, Mr Grgic said.
There are two large-scale residential estates north of Cox Rd but inside the Geelong Ring Road — Phalaris Park at Lovely Banks and Flinders Park at Corio.