Finding tomorrow’s hot property, TODAY

Location Report

A joint publication of Reventon and Ryder Property Research CITY of Regional

May 2020

For more information contact: Reventon 1300 039 376 Level 9,420 St Kilda Road, Melbourne VIC 3004 [email protected] www.reventon.com.au CITY of GEELONG Regional Victoria

Highlights • Strong population growth • Port of Geelong expansion • Hospital upgrades • $2 billion Armstrong Creek project • Economic diversification • $4 billion Point Henry project • $1billion Defence Contract • Upgrade of Avalon Airport

Suburb - Suburb - Suburb - Typical prices Typical prices Typical prices houses houses units Barwon Heads $970,000 Newtown $800,000 Belmont $415,000 Belmont $545,000 Portarlington $610,000 Geelong $470,000 Geelong West $660,000 Waurn Ponds $640,000 Geelong West $505,000 Leopold $510,000 Whittington $375,000 Ocean Grove $630,000

Geelong’s economy is thriving, boosted by the arrival of government agencies like NDIS and WorkSafe. New businesses in the sectors of transport, postal & warehousing and construction are opening up, improving job prospects.

Rapid population growth has been a driving factor behind large amounts of money being spent on infrastructure - in particular improved transport links - and commercial projects. Government agencies are being relocated to Geelong, hotels are being built and residential estates are springing up across the region, providing a lure for first- home buyers.

Geelong has now secured a $355 million City Deal, an arrangement which unites three levels of government, to focus on urban development and jobs growth.

Billions of dollars of construction work – both residential and commercial - is under way and there are billions more in the pipeline.

The property market remains strong, producing growth in both March and April 2020 despite the Covid-19 lockdown impacts. Some suburbs have produced double-digit growth in the last 12 months and vacancies are very tight in many areas.

CITY OF GEELONG, Regional Victoria 2 Economy and Amenities Once well-known for its manufacturing and processing industries, Geelong is evolving from its industrial roots into a diversified city, capable of handling the overflow of an ever-growing Melbourne. Location Geelong was ranked the 12th most liveable region in • On the Bellarine Peninsula, 75km in the 2017 Life in Australia report. south-west of central Melbourne The city received above-average scores for job • Connected to Melbourne by the prospects, opportunity for all, a prosperous economy and attractive natural environment. Its water-based Princes Freeway and commuter train lifestyle adds appeal for city-dwellers. links The manufacturing and processing industries, once • LGA: City of Greater Geelong major employers for the people of Geelong, are shrinking. But there are numerous compensating factors, with other industries emerging strongly, with the former heavy industry businesses being replaced by health, education, technology and tourism operations. - Health and Education

The biggest employer in Geelong today is Barwon Health, which employs almost 4,000 people. Population & Demographics The $227 million Epworth Geelong Private Hospital Victoria’s fastest growing region opened in Waurn Ponds in 2016. • Population 2016 Census: 233,000 Deakin University is another of the region’s largest employers, employing over 1,500 at the Waterfront • Projected population by 2026: 290,000 and Waurn Ponds campuses. • Projected population by 2036: 320,000 Ranked in the top 400 universities in the world, the Geelong campuses are worth $425 million annually Source: ABS to the region’s economy, according to Deloitte Access Economics. Around 9,530 students study at Deakin’s two campuses in Geelong – with 4,900 living in the region during their studies. Private school - The Gordon - has 16,000 enrolments and 500 teachers. It manages around 3,000 apprenticeships Australia-wide. But heavy industry remains relevant, with the Home to 250,000 people, Greater Geelong Refinery employing 700. In recent years, Geelong supports 100,000 jobs and its owner Viva Energy has spent $300 million on upgrades to the plant. has an annual economic output of $29.75 billion. - Tourism

Tourism is gaining traction with Geelong being en REMPLAN 2020 route to and the Great Ocean Road for those travelling from Melbourne. Around 5.3 million people visit Geelong each year.

CITY OF GEELONG, Regional Victoria 3 The latest data from Tourism Geelong and Bellarine Property Profile shows the regional visitor economy grew 12.3% in FY2019 and is worth about $1.1 billion with the rise in international travellers a significant contributor. “Although Australia’s housing markets The visitor economy supports 7,600 local jobs. have begun to enter a period of Another diversification factor is events, for which the disruption, they are coming from strong region has developed a reputation. foundations.” Running since 1844, the Festival of Sails is CoreLogic head of research, Tim considered the largest annual keel boat regatta in Lawless April 2020 the Southern Hemisphere and regularly attracts a crowd of 110,000. The Australian International Airshow, which features Geelong saw its biggest property boom in history in military aircraft, is hosted by Geelong biennially. 2017/2018 earning it the title as Victoria’s hottest The 2017 show attracted 200,000 spectators and property market. generated $25 million. As Melbourne house prices decreased, Geelong The Geelong Cats Australian Rules Football Club steadily increased, becoming popular with investors. has a $280 million stadium capable of seating 34,000 spectators. In 2019 there was evidence that the Geelong market had peaked, but many suburbs continue to deliver - Transport and Logistics good annual growth in their median house prices. Geelong’s transport infrastructure makes it a strong Drysdale has a median house price of $575,000 transport and logistics hub. following an 18% increase in the last 12 months, Geelong Port is the largest regional port in Victoria shows data from CoreLogic. with an annual throughput of 12.6 million tonnes of A 10% uplift in Bell Park has delivered a median cargo. Crude oil and petroleum products account house price of $480,000, while the increase of 8% for the majority of trade while grain, woodchips and at Barwon Heads, where the median house price fertiliser also make a significant contribution. is $970,000, suggests the prestige market is also The port generates $400 million of economic activity performing well. annually and manages $7 billion of trade while According to the CoreLogic Home Value Index, providing around 700 direct and 500 indirect jobs. Geelong dwelling values rose 0.4% in March followed In 2018, Avalon airport (15km north-east of central by another rise of 1.4% in April. The median value Geelong) was expanded to become an international increased 5.5% in the last year despite the recent airport. impact of Covid-19 lockdowns. In recent years, large-scale redevelopment of the CoreLogic head of Australian research Eliza city centre and gentrification of inner suburbs has Owen said Geelong was less exposed to overseas heralded much change. As a result, Geelong has a migration and to the sectors hardest hit by the number of shopping precincts and is well-serviced lockdowns, like food and accommodation, arts and by shopping centres. recreation, although there are signs of weakening rental demand. Geelong has been earmarked as a future regional “Geelong will not be untouched. There is already growth centre by the State Government to take some a decline in the growth in rental prices and rental of the overflow from Melbourne’s population growth. listings have increased 6%,” Owen said. One outcome of that policy is greater government “Property values are holding pretty stable, we are spending on infrastructure in the region and a not expecting dramatic declines in value.” redirection of resources to Geelong. The rises partly reflect stronger demand as Current construction activity across the city is Melbourne becomes less affordable, but also testimony to this: residential, commercial, road, rail highlights scarcity of coastal properties around and educational projects are plentiful while government Geelong, the Bellarine Peninsula and the Surf Coast, agencies have begun to relocate to Geelong. saysTim Lawless, CoreLogic head of research.

CITY OF GEELONG, Regional Victoria 4 Geelong’s appeal as a cheaper alternative to Melbourne is likely to continue. As a seaside destination, it can still tempt those seeking a lifestyle change at an affordable price. Property valuers, Herron Todd White, say in their May 2020 Month-in-review report they expect serious buyers and sellers to remain active because of Geelong’s affordability and lifestyle. Local property managers say new government agencies like NDIS and WorkSafe are drawing people to Geelong, in particular renters. Subsequently, rents have been rising. Busy suburbs like Armstrong Creek, Corio, Lara, Leopold and Norlane have yields above 4.0% and except for Armstrong Creek, have vacancy rates at or below 1.0%. The median rent of $310 per week in Corio will return a yield of 4.6% while $370 in St Albans Park will deliver 4.5%. Other high-demand suburbs include Belmont and Highton, where schools are the biggest factor, according to West End Real Estate director Gina Tobolov. In the last 12 months, Drysdale, Wallington, Clifton Springs and Curlewis (postcode 3222) have been Several unit projects in the CBD are now under added to this list. construction. These will deliver 600 units to house an extra 1,200 people while another 640 units are in Suburbs with median house prices at or below the pipeline for approval. $450,000 include Corio, Newcomb, Norlane, St Albans Park, Thomson and Whittington. - First Home Buyers Units in Belmont and Geelong are generally priced Geelong’s affordability is attracting first-home in the $400,000s making them appealing for first- buyers, particularly since Victorian stamp duty laws home buyers. were changed in July 2017. The strong performance of the Geelong market in Under these arrangements, first-home buyers do the past few years has left the longer-term growth not have to pay stamp duty on residential properties rates (i.e. average annual growth in median prices priced up to $600,000, with partial exemptions over 10 years), around 6-7% per year, generally. available up to $750,000. The majority of houses in Greater Geelong fall into these categories. The dwelling makeup of the City of Greater Geelong includes 85% houses and 13% units, as at the 2016 In addition, the First Home Owner Grant was Census, with the unit content gradually rising. increased from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000, In recent years, developers have driven a trend of an offer that will remain in place until 30 June 2020. property transitioning from industrial to residential uses, buying older buildings on large blocks and Greater Geelong City Council is listed by the Victorian demolishing them to build townhouses. State Revenue Office (SRO) as eligible for this bonus. A cluster of new land estates is springing up around Statistics from the SRO show that some parts of the Armstrong Creek, Charlemont and Mt Duneed, Geelong LGA have consistently been listed in the top though there are other new estates scattered across 10 places for first-home buyer grant applications in other parts of the Geelong region. Victoria since 2000. They include:- An average of 2,500 new dwellings per year was built • suburbs in postcode 3216 (Belmont, Grovedale, between FY2013 and FY2017. That number rose to Highton, Marshall and Waurn Ponds) and 3,400 in each of FY2018 and FY2019. • suburbs in postcode 3217 (Charlemont, This trend is expected to continue with the Australian Armstrong Creek, Mount Dundeed and Bureau of Statistics forecasting that 52,000 new Freshwater Creek). homes will be built from 2011 to 2036.

CITY OF GEELONG, Regional Victoria 5 Vacancy rates Vacancy rates are generally tight across the City of “There is no doubt that Geelong’s booming Greater Geelong, with many postcodes under 2%, economy and the influx of employment, according to SQM. particularly the migration of State The postcodes focused on Corio (3214) and on Lara Government departments, are among (3212) both have vacancy rates below 1%. the factors that are keeping Geelong’s The areas with higher vacancies are those where vacancy rate at these low levels.” next stock has come on line. These include new development areas like Armstrong Creek (postcode Real Estate Institute of Victoria, 3217) and Ocean Grove (3226). June 2019 Investors should monitor vacancy rates in the areas they are considering as the coronavirus impact may have caused a short-term rise.

Areas identified for the biggest growth are listed in the table below:

Suburb No of new dwellings Suburb No of new dwellings by 2036 by 2036 Armstrong Creek 8,897 Leopold 3,442

Curlewis 2,501 Marshall - 2,871 Charlemont Highton - Wandana 2,740 Mount Dundeed 3,815 Heights - Ceres Lara 4,395 Ocean Grove 2,715

Source: ABS

GEELONG VACANCY RATES

P/code Suburbs Vacancy rate 3217 Armstrong Creek 5.6 % 3216 Belmont, Highton 1.4 % 3214 Corio 0.6 % 3218 Geelong West, Herne Hill, Manifold Heights 2.3 % 3219 East Geelong, Breakwater, Thomson, Newcomb, St Albans, Park, Whittington 1.4 % 3220 Geelong, Newtown, South Geelong 4.1 % 3212 Lara 0.8 % 3226 Ocean Grove 3.7 %

Source: SQM Research

CITY OF GEELONG, Regional Victoria 6 The Geelong housing market can be summarised as follows:-

Suburb No. of Median price 1yr growth Growth Median sales ave. yield Armstrong Creek 155 $540,000 1 % 3 % 4.0 % Barwon Heads 78 $970,000 8 % 7 % 2.7 % Bell Park 80 $480,000 10 % 7 % 4.0 % Belmont 272 $545,000 1 % 7 % 3.7 % Clifton Springs 164 $480,000 2 % 6 % 3.9 % Corio 245 $355,000 -4 % 6 % 4.6 % Drysdale 59 $575,000 18 % 7 % 3.6 % Geelong 46 $720,000 0 % 7 % 3.1 % Geelong West 129 $660,000 -5 % 7 % 3.3 % Grovedale 35 $505,000 4 % 6 % 4.1 % Herne Hill 66 $530,000 -4 % 7 % 3.6 % Highton 304 $690,000 3 % 6 % 3.2 % Indented Head 36 $600,000 4 % 7 % 3.4 % Jan Juc 57 $865,000 -5 % 6 % 3.1 % Lara 277 $525,000 2 % 6 % 4.2 % Leopold 218 $510,000 2 % 5 % 4.2 % Manifold Hts 36 $710,000 -9 % 7 % 2.8 % Newcomb 76 $440,000 -3 % 7 % 4.1 % Newtown 155 $800,000 0 % 7 % 2.9 % Norlane 173 $350,000 -1 % 9 % 4.2 % Ocean Grove 327 $690,000 0 % 6 % 3.4 % Portarlington 97 $610,000 -2 % 6 % 3.0 % Queenscliff 32 $915,000 -2 % 5 % 2.7 % St Albans Park 68 $425,000 -4 % 5 % 4.5 % St Leonards 79 $560,000 -1 % 7 % 3.5 % Thomson 19 $395,000 -3 % 7 % 4.2 % Waurn Ponds 56 $640,000 4 % 6 % 3.7 % Whittington 48 $375,000 -4 % 6 % 4.6 % Source: CoreLogic – “no. of sales” is unit sales in past 12mths. “Growth ave.” is average annual growth in median unit prices over 10yrs. “snr” is statistically not reliable.

CITY OF GEELONG, Regional Victoria 7 The Geelong unit market can be summarised as follows:-

Suburb No. of Median price 1yr Growth Median yield sales growth ave. Belmont 95 $415,000 7 % 6 % 4.3 % Geelong 47 $470,000 -11 % 5 % 4.4 % Geelong West 29 $505,000 Snr 9 % 3.7 % Newtown 48 $580,000 45 % 9 % 3.1 % Ocean Grove 55 $630,000 6 % 7 % 3.3 % Source: CoreLogic – “no. of sales” is unit sales in past 12mths. “Growth ave.” is average annual growth in median unit prices over 10yrs. “snr” is statistically not reliable.

Future Prospects Geelong has two main factors in its favour: it offers a relaxed water-based lifestyle within commuting CORE INFLUENCES distance of central Melbourne and is currently the focus of extensive development, attracting both public and private investment - which translates into Transport Infrastructure local jobs and demand for real estate. The City of Greater Geelong spent a record $124.5 Government Policy million on capital projects during FY2019. Cheapies with Prospects This is being accompanied by large levels of private investment as new supermarkets, schools, sporting facilities, hotels, residential and commercial projects Urban Renewal progress. For example, the former Ford site is being redeveloped by the Pelligra Group which plans to spend $200 million on the first stage of a manufacturing, technology and heavy industrial operations hub Geelong is already Victoria’s second largest city and renamed Fortek. population projections by the State Government Fortek is expected to become home to 1,200–1,500 indicate that Geelong is set to become a larger city workers within a few years while one section has than Hobart and Darwin. It has projected that in 20 already been re-purposed and is now manufacturing years Geelong would have a population well over wind turbines for use in Victoria. 300,000. Pelligra Group is expected to spend $100 million One of the main driving forces behind the growth is on installing solar and battery storage at the the G21 Regional Growth Plan, a formal alliance of site, providing discounted energy to the hi-tech government, business and community organisations manufacturers. working within the Geelong region. The city has major industry strengths in knowledge, One of the key projects identified by the G21 Regional research, health, defence, advanced manufacturing, Growth Plan is a $1 billion freight transport hub tourism, information communications and neighbouring Avalon Airport that could become technology, food and horticulture, according to Victoria’s largest, lowest-cost interstate and seaport Regional Development Victoria. road and rail terminal. In the five year period 2009-2014, there was strong Deakin University real estate professor Richard employment growth in construction; health care & Reed said Geelong’s key attributes in the eyes of social assistance; agriculture, fishery & forestry; international (and particularly Asian) investors arts & recreation services; and education & training. included its airport links and affordability.

CITY OF GEELONG, Regional Victoria 8 - Government Policy Geelong is expected to play a major role in the State Government’s push to boost Victoria’s population, as live-ability issues start to bite in Melbourne. The State and Federal Governments are in the process of bringing five government agencies to Geelong. Combined, these five agencies will boost Geelong’s employment by 5,685 direct and indirect jobs. In March 2019, the Federal Government announced a $355 million City Deal for Geelong which will unite three levels of government and private enterprise to - Ocean Grove – Barwon Heads stimulate urban renewal and create jobs. The Ocean Grove/Barwon Heads area is the focus of The City Deal is expected to create 1,000 jobs every year strong population growth and substantial development. and generate an extra $1.1 billion into the economy. Extensive new commercial, retail and recreational This first project to benefit from the City Deal is facilities are now in place. the $170 million Geelong Convention Centre. More The $60 million Kingston Shopping Village is the details on this can be found in the project table at the third shopping centre to be built in the area. end of this report. Around 3,500 new homes are planned for this area, There are also plans for a $200 million civic precinct which will also feature Ocean Grove’s first major which include new council headquarters and a retirement village covering 7.5ha. separate commercial building. Work is expected to There will be a new light industrial precinct begin on this next year with the council allocating established which will further enhance the $51 million to the project in the FY2021 Budget. employment opportunities in Ocean Grove. Longer term, Point Henry is to be redeveloped under Another major development is the Armstrong Creek the draft Moolap plan. Previously an industrial area Town Centre, a mixed-use project to be built in owned by Alcoa, Point Henry is expected to become stages over 15 years as the population grows. Stage a residential suburb. one will initially service about 58,000 people and New hotels, resorts, major tourism attractions, a provide in 1,100 ongoing jobs, with the suburb set to working pier, boating marinas and foreshore paths rapidly increase to 10,000 residents by 2036. are also encouraged under the 30-year vision. - Transport Infrastructure: Rail - Defence Force The completion of the $5 billion Regional Rail Link The Federal Government has announced a $1 billion in 2015 has made commuting from Geelong to commitment to build a new self-propelled howitzer Melbourne much easier. Regional trains have been artillery system for the Australian Army. Based in separated from metro trains, giving Geelong trains Geelong, the $1 billion project will deliver 30 self- their own dedicated tracks and alleviating bottlenecks. propelled howitzers (large, short-barrelled guns The rail link follows the opening of a new train station mounted on armoured tanks). at Waurn Ponds while further rail upgrades costing Creating up to 350 jobs, work is to start on the project $860 million are planned. in 2022-23. Longer term, there are plans for a new spur line to In a separate contract, Rheinmetall Defence Torquay. Australia is one of two companies shortlisted to In other long term plans, the Federal Government has build an advanced fighting vehicle manufacturing pledged $2 billion towards a fast rail service between hub in Geelong. This involves the building of infantry Melbourne and Geelong. Technical investigations to fighting vehicles under the Land 400 Phase 3 project. determine a preferred option have begun.

CITY OF GEELONG, Regional Victoria 9 - Transport Infrastructure: Airport - Transport Infrastructure: Port An expansion at Avalon Airport, including the Geelong Port is the largest regional port in Victoria introduction of an international terminal, was and is expected to show strong growth. completed in late 2018 while a rail link to the airport is expected to be built in the long term. Trade through the port is set to triple by 2030, according to a report by the Victorian Regional The airport also has a new industrial precinct, which Channels Authority, and generate 4,320 extra direct will eventually create 750 jobs and is now the home and indirect jobs. of the Cotton On Group’s distribution centre. It reportedly is the state’s most important bulk cargo - Transport Infrastructure: Roads port, handling over 12.6 million tonnes of imports and Numerous road projects which will improve the exports annually with an estimated value of $6.6 billion. connectivity of Geelong to Melbourne are in the pipeline. As the port grows, it is expected to handle a larger Heavy trucks and vehicles will be removed from High share of the car import industry. Street, Drysdale with the construction of the $109 The port is also marked for an additional passenger million Drysdale Bypass. and freight terminal with North Geelong becoming The development of the $695 million Geelong Ring the new Victorian home of the Spirit of Tasmania. Road has also had a major impact. It provides a The ferry service is to relocate from Station Pier in 23km freeway link between Corio and Waurn Ponds, Port Melbourne sometime around 2022. along Geelong’s western outskirts. The Ring Road The Tasmanian Government is spending $800 million avoids up to 31 sets of traffic lights and reduces on building two new, larger Spirit of Tasmania ferries. travel times. Around 450,000 passengers and a huge amount of Since the Geelong Ring Road opened, traffic volumes freight are shipped on the Spirits every year. through central Geelong have almost halved, while freight on the main routes is down by up to 75 %, - Agriculture according to VicRoads. An investment of $160 million in the agri-business Another project is the $5.5 billion West Gate Tunnel sector is expected to create 775 jobs and generate Project project (formerly the Western Distributor). The $516 million in revenue over 10 years. proposed toll road linking Geelong and Melbourne is forecast to save commuters 12 minutes. The project revolves around a new pipeline which will water 4,000ha of agricultural land at Lethbridge. The freeway will be widened from eight to 12 lanes, with express lanes added between the Ring Road and Other expansions are also planned for an organic West Gate Bridge. dairy processing plant and a malting plant.

CITY OF GEELONG, Regional Victoria 10 Projects which are likely to impact the Geelong Region in the near future are listed on the following pages: INFRASTRUCTURE - HEALTH AND MEDICAL FACILITIES

Project Value Status Impact

Geelong Hospital $93 million Completed 64 new beds for cancer expansion patients

Queenscliff Health $47 million Under construction Health centre and Centre masterplan independent living for 66 residents Bellarine Community Health

DEFENCE CONTRACTS

Project Value Status Impact

Self-propelled howitzer $1 billion Approved Jobs: 350 artillery system Construction is expected to begin in 2022-23

Advanced fighting TBA Proposed Involves construction of vehicle manufacturing infantry vehicles under hub, Geelong the Land 400 Phase 3 project. Rheinmetal Defence

Defence Force base $240 million Proposed The upgraded wharf project, Point Wilson would be used for importing weapons

Decoy flares $167 million Approved Jobs: 70 manufactured by Tens of thousands of Chemring flares will be made as decoys for heat-seeking US Navy missiles

CITY OF GEELONG, Regional Victoria 11 INFRASTRUCTURE - TRANSPORT

Project Value Status Impact Facilities to improve $257 million Proposed Jobs: 200 train services, 21 V/Line carriages; The new carriages will Waurn Ponds new maintenance and allow V/Line to carry an stabling yard extra 1,500 passengers State Government each day Drysdale Bypass $106 million Under construction 6km from Jetty Rd to Construction is north of Whitcombe State Government expected to be Rd will bypass the completed in 2020 township

West Gate Tunnel Project $5.5 billion Under construction The West Gate Freeway ( formerly the Western would be widened from Distributor) 8 to 12 lanes

State Government Bellarine Link $350 million Proposed Would be the final section of the Geelong State Government Ring Rd

South Geelong to Waurn $110 million Proposed Jobs: 130 Ponds Rail Upgrade Stage 1 Includes an upgrade to the Waurn Ponds State Government Station

South Geelong to Waurn $750 million Proposed Duplication of tracks Ponds Rail Upgrade Stages 2 & 3 between South Geelong and Waurn Ponds Federal Government

New freight & TBA Proposed Jobs: 75 during passenger terminal, Will accommodate two construction Port of Geelong new Spirit of Tasmania Will have direct links to ferries Tasmania

RESOURCES AND ENERGY

Project Value Status Impact

Battery storage project $300 million Proposed Would be able to power (Victorian Big Battery) 180,000 homes for eight hours Neoen

CITY OF GEELONG, Regional Victoria 12 RESIDENTIAL DEVELOPMENTS

Project Value Status Impact

Armstrong Creek $2 billion Under construction Jobs:22,000 Precinct Development The development of Will eventually provide 2,580ha into residential 22,000 homes, nine A G21 priority project communities schools, retail space

Retirement Village, $100 million Proposed Would cater for 250- Highton 300 residents

Ryman Healthcare

Lonsdale Golf Club $50 million Approved 100 residential lots and housing devt an 18-hole golf course

Charlemont Rise, TBA Under construction 1,400 lots are planned Charlemont

Lillrose Developments

Coridale, Lara West TBA Approved 1,100 lots are planned

Villawood

Austin Lara, Lara TBA Approved 1,100 lots are planned

Austin Land

The Mercer, 53 Mercer St TBA Under construction A 15-storey residential high-rise tower Maxcon

G1 Apartments, 148 TBA Under construction 110 mid-rise units Bellarine St

Geelong One Devt

The Ritz Geelong, 10 TBA Under construction A 10-storey residential Bellerine St tower

Integrated Devt Solutions Miramar Geelong TBA Under construction A 21-storey residential 18-20 Cavendish St high-rise tower

Morris Property Group

CITY OF GEELONG, Regional Victoria 13 COMMERCIAL DEVELOPMENT – GENERAL

Project Value Status Impact Point Henry Smelter $4 billion Proposed Jobs:4,000 construction redevt (to be known as 3,000 homes, marina, 1,000 operational Point Henry 575) multi-sports stadium, retail and commercial Alcoa

Golden Plains wind $1.5 billion Approved Jobs: 700 farm, Rokewood and Construction is to begin Would generate enough Barunah Park in 2021 and be finished electricity to power in 2025 400,000 homes WestWind Energy & GE Renewable Energy Golden Plains Food $160 million Under construction Jobs:45 construction Production and 20 intensive agri- 775 operational Employment Precinct, businesses on 4,000ha Lethbridge

Clinker grinding facility, $100 million Approved Geelong Port

Boral

New head office, $85 million Under construction Jobs: 600 GMHBA, 60-78 An 8-storey office Moorabool St building

Quintessential Equity

New Office building, 16 TBA Approved 12-storey office tower Gheringhap St Construction is to begin with retail in 2020 Raffles Chatter

Geelong Quarter, 44 $150 million Under construction Includes 190-room Ryrie Street Completion expected in hotel, 90 serviced 2020 apartments,office and Franz Devts retail space

Rippleside Quay project $100 million Under construction Jobs: 1,360 over four To be rebranded as years A consortium led by Balmoral Quay; 90 BMA Property townhouses and 200 marina berths

CITY OF GEELONG, Regional Victoria 14 COMMERCIAL DEVELOPMENT – GENERAL

Project Value Status Impact Federal Woollen Mills $80 million Approved Building to be converted project into office space

Volume Group & Techne Devt

Geelong Ring Road $38 million Under construction Jobs: 10,000 Employment Precinct Set on 500ha, the GREP State Govt has (GREP) is the largest industrial committed $2.5mil; precinct in the G21 funding of $36mil still A G21 priority project region needed

Yarra Street Pier $34 million Proposed Jobs: 234 construction Reconstruction A purpose built cruise 400 operational liner facility for cruise A G21 priority project ships, naval vessels, tall ships

New shopping centre, $60 million Under construction Armstrong Creek Completion expected in mid-2020

INFRASTRUCTURE – SPORT & ENTERTAINMENT

Project Value Status Impact

GMHBA Stadium $100-$140 million Proposed Capacity would increase upgrade Work could begin in to 40,000 2020 Kardinia Park Stadium Trust

Convention and $170 million Approved Jobs:600 construction Exhibition Centre To include a 4-star hotel 270 operational and a 1,000-seat theatre State & Federal Govts; A G21 priority project

Modewarre sports $350 million Proposed facility 240ha sporting complex, accommodation and CORA tourism facility

Drysdale Sporting $28 million Proposed Precinct

City of Greater Geelong

CITY OF GEELONG, Regional Victoria 15