Encourage CBD landholders to sell as block to change city face, Rob Costa says

Chairman of developer Monno, Rob Costa, has floated a plan that would see financial incentives for landholders to sell. Read about the plan.

Monno managing director Geno Hubay, left, and chairman Robert Costa.

Neighbouring commercial real estate owners in the Geelong CBD would be financially rewarded to sell their properties as a block to the state government, under an idea floated by developer Robert Costa.

Mr Costa, frustrated with the pace of renewal in the CBD, wants the state government to incentivise sales and then put the blocks out to tender for development to reinvigorating the city centre.

Mr Costa, chairman of developer Monno, said too many buildings in the Geelong CBD were “very old” and “tired”.

“What used to be the heart of Geelong between Moorabool St and Ryrie St is now... bloody tragic,” Mr Costa said.

“The problem is most of these joints (shop fronts) are 20-foot frontages, the old six-metre frontages; they are too small to do anything with.

“You need to put three, four, five of these things together, preferably five, to give yourself a chance of making a decent footprint so you can do something with it.

“How do you make that happen? I can’t see the government doing a compulsory acquisition (of multiple shops).

“What could be done is that the government could help fund the acquisition of these properties.

“You’d have to sit down and work out what the formula is.”

Mr Costa’s idea is being floated as part of the Future Geelong series. The Geelong Advertiser is running the series to examine how the city’s potential can be unlocked.

Mr Costa said sales would have to be “financial enticing” for existing vendors but any sale should be conditional on multiple side-by-side shops being sold together.

“If the government can assist to get these shops put together, then you put it out to tender to a developer. Then the government, the state government or the council, has control of it and can stipulate what is going to go on there.”

Mr Costa said the state government could make back the money it spent to buy the properties through rates revenue.

“If you think about it if you can put a development on there, the rate revenue is going to be 10 times what is it now.

“Over the course of a number of years you could cover most of the funds (laid out in buying the properties) and you’re going to end up with a much better looking city.”

Mr Costa said the idea could help lift the CBD population to 10,000 people.

“Council and the state government have been on the platform saying they want 10,000 people living in the CBD. This is how we can do it.

Empty streets in Geelong on a Sunday. Picture: Alan Barber

“I’m not saying (put in) 20 storey buildings; four, five levels tops would do it without creating too many towers.”

About 2000 people live in the Geelong CBD.

When asked about Mr Costa’s idea last year, Premier Daniel Andrews said: “The government’s always open to new ideas and fresh thinking. The significance of Geelong for our state’s success is well understood by our government.”

Mr Costa said intervention from government was needed to improve the CBD.

“It is not going to happen organically. We’ve been talking about this (reinvigorating the city centre) for 40 years.

“Unless somebody takes a handle to it and makes something happen my grandchildren will still be talking about it in (coming years).”

Originally published as Encourage CBD landholders to sell as block to change city face, Rob Costa says