Real Estate

Student accommodation to boost resurrection of Geelong’s central business district

Deakin graduation
Written by The ReReport
As seen in the Source link, written by on 2019-05-23 13:42:00

Deakin University graduates Sarah Coombs, Sophie Twamley and Ash King at the Geelong Waterfront campus in 2018. Picture: Alan Barber

PLANS to convert the old Geelong Advertiser building for student accommodation will provide a boost for the resurrection of the city centre, a local commercial real estate agent says.

Gartland Property, Geelong director Michael De Stefano said transforming the office building into a student residence would bring more people into the city.

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CoreLogic this week confirmed the old Geelong Advertiser building at 191-195 Ryrie St, Geelong, had sold for $5 million.

CoreLogic this week confirmed the $5 million sale price for the three-storey building which sold last month.

“At the end of the day it’s going to create more activation around that area,” Mr De Stefano said.

“It’s a good synergy with the cinema and those eateries across the road.

Students moving into new Deakin accommodation

Students moved into the new accommodation at Deakin’s waterfront campus in 2018. Picture: Peter Ristevski

“Deakin and their student accommodation has been paramount to the resurrection of the CBD as well. So the more the merrier, I reckon.”

Mr De Stefano said the increase in central Geelong’s student population had worked in combination with the rise in the number of government office workers in the city through the Transport Accident Commission (TAC), WorkSafe and National Disability Insurance Agency (NDIA) to drive the resurrection of the city centre.

Deakin University paid more than $3 million for Geelong’s T & G Building in 2014 and converted it for student accommodation.

“The more people that frequent the CBD every day is a positive thing,” he said.

“They’re spending more here, they’re eating here. It creates more hype and need for infrastructure and hospitality around that.”

More than 450 university students call central Geelong home in public and private student accommodation centres.

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Geelong’s CBD showing the new Deakin University accommodation building, WorkSafe, the Geelong Library and Point Henry in the distance. Picture: Alan Barber

The largest is the 11-storey Brougham House building adjoining the university’s waterfront campus.

The university-owned facility caters for 410 students, while Deakin also converted the landmark T & G Building to provide a home for 33 students in the city.

The 30-room Ryrie Hall was Geelong’s first student residence.