Melbourne-developer Franze Development’s $150 million mixed-use precinct, set to include the region’s largest and first new hotel in almost 20 years, has launched to market.
Designed by Architectus, Geelong Quarter will comprise the $75 million Holiday Inn, and a residential component of 14 luxury apartments targeting the owner-occupier market.
The precinct, which aims to be an active hub for 1,500 residents, workers and visitors, will also offer 1000sq m of retail plaza and 7,400sq m of commercial office space.
The developer purchased the 2,700sq m site, at 44 Ryrie Street, in an off-market deal for $7 million last year.
Franze Developments founder Paul Franze says the precinct will create a new link between the CBD, the arts precinct and the bay in the growing regional city.
“There’s nothing like this in Geelong – it is our vision that this project will help to drive the city forward.”
The last hotel to open in Geelong was the Four Points Sheraton Geelong in 2001.
Victoria’s second largest city receives more than 5.3 million annual visitors, with 2.2 million overnight stays, Franze said.
“The strong owner-occupier market, combined with the population boom, means there’s demand to cater for visitors to the city, as well as residents and workers.”
The former industrial city has undergone transformation in recent years, becoming one of Australia’s fastest growing regional cities thanks to its solid economy, growing population, and new infrastructure projects.
As Victoria heads towards a state election next week, Premier Daniel Andrews announced the $102 million redevelopment of Kardinia Park, one of Australia’s largest regional stadiums.
Geelong Quarter will feature a number of retail tenancies located on the ground level facing both Ryrie Street and Fenwick Street.
The 7,400sq m of office space will span 10 levels and be home to around 600 office workers when fully occupied.
Its residential component will be located on levels 11 to 14, and range in size from 98- to 184 square metres.
Construction is scheduled to commence in late 2018, with completion expected by mid- 2020.