VICTORIA’S SECRET
Hot property trends in the Victorian state.
developments gives way to the new notion of a “20-minute neighbourhood”.
“Geelong’s new neighbourhoods will allow residents to live locally and meet most of their everyday needs within a 20-minute walk, cycle or local public transport trip of their home,” the Framework Plan says.
The result is a wide-ranging breadth of potential investment opportunities for prospective franchisees, with retail leases regularly available in developments across the region.
NEW PRECINCTS
One such development is the Heales
Road West precinct, an integrated new neighbourhood that promises to deliver three new primary schools and a multipurpose cultural hub.
The region has a total growth area of 467 hectares, with residential area totalling 406 hectares servicing an anticipated population of 14,488.
Upgrades to public transport, housing and local infrastructure highlight the structure plan, with the region expected to grow in line with Geelong’s other regional neighbourhood districts, such as Elcho Road East.
The new Northern Geelong precinct is similar in size to the Heales Road West development, with a total growth area of 485 hectares and a total residential area of 346 hectares.
While these new precincts represent a strong growth potential, development is still in its very early stages. Prospective franchisees looking to enter the market soon would be wise to cast an eye over ventures expected to open in the near future.
ARMSTRONG CREEK
Aside from the growth and development of new neighbourhoods, Geelong is also home to one of Victoria’s fastest growing regions, Armstrong Creek.
With over 2500 hectares of developable land on offer, interest is starting to generate in the southeastern suburb, particularly with the announcement of the new Armstrong Creek Town Centre.
The 40-hectare retail centre will provide residents in the growing community with a wide range of retail, leisure, entertainment and residential amenities.
The mixed-used precinct is the first major commercial development in the area from developer Welsh Group.
“The Welsh Group has a strong investment within the Geelong region through its residential homes division, Welsh Homes,” Andrew Welsh, Welsh Group managing director says.
“The Armstrong Creek Town Centre will be the first major commercial project in this region delivered by Welsh Group, and will include a range of retail, leisure and entertainment, residential and community facilities; bringing an array of services and employment opportunities to the growing community.”
Stage 1 of the Armstrong Creek Town Centre has received planning approval, and is anchored by a Coles supermarket, to be complemented with a series of boutique retail offerings.
“Stage 1 will initially service approximately 58,000 people, and provide in excess of 1100 ongoing jobs, with the suburb set to rapidly increase to over 110,000 residents by 2036,” Welsh says
Welsh Group has appointed Colliers International as leasing agents for the project, with Colliers’ Mike Crittenden revealing interest was already swelling.
“The initial off market campaign in securing the anchors has already generated significant local and national retail interest for the soon to be launched specialty tenancies,” Crittenden says.
Construction of the site is due to commence this year, with stage 1 of the Armstrong Creek Town Centre scheduled to open in 2020.
FINAL THOUGHTS
For years, Victoria has been viewed as the cultural centre of the Australian landscape, with Melbourne its crowning jewel.
A focus on food, wine and entertainment has attracted visitors from all walks of life, but as new developments emerge, prospective business owners should be looking outside the CBD for opportunities.
The growth ridge across regional centres is gaining traction, alongside a series of new neighbourhoods.
As more and more Victorians make the great migration out of Melbourne, housing prices steady and regional tourism swells, the big picture possibility is looking more and more suburban.