Geelong’s concrete kings: Rory Costelloe, Lino Bisinella, Mark Casey, Bill Votsaris
Few people may know who they are, but these wealthy developers are the driving force behind Geelong. SEE WHO MADE THE LIST
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The Geelong region’s population of about 285,000 is expected to near 400,000 by 2040 and property developers will play a key role in facilitating that growth.
But complex planning rules, rising costs and an uncertain economic environment are just some of the challenges hindering current and future progress, according to a top local developer.
The Geelong Advertiser has compiled the region’s most influential developers in a powerful list (SCROLL DOWN TO SEE IT).
Originally from Bendigo, executive director of Villawood Property Rory Costelloe has lived in Geelong for more than two decades.
Villawood began purchasing lots in Armstrong Creek in 2006 and would go on to purchase a 3000 lot subdivision, inspired by their developments in Marriott Waters and Point Cook.
“Once you get to know a place geographically, then you get to know the property geographically and you take interest in being a developer as well,” Mr Costelloe said.
“We brought an entirely new standard – we were used as the benchmark from the very start.
“We have lifted the bar, or set the bar, for everybody.”
Construction of Villawood’s Armstrong estate at Mt Duneed commenced in 2012, with construction of the estate delivering an end value of about $1.5bn, according to Mr Costelloe.
However, he said complex planning rules were hindering development applications.
“In the old days it used to take two years to get rezoned, now it takes seven years,” he said.
“Supply equals demand.
“Everybody talks about affordability, if you have supply that equals demand, and if you have competition, that creates affordability.
“The planning system is so constricted, it takes so long to get these growth corridors up and running through the planning stage, that we have little supply, and then have just pushed prices up.”
Mr Costelloe said the economic climate, notably interest rates rises which have increased regularly since May 2022, going up 13 times in 15 months, was challenging both buyers and developers.
He also described risk management as a major challenge for the developers.
“Nobody can make a decision anymore, everybody just worries about the risk, it is just a very, very bureaucratic world,” he said.
Marcus Jankie, general manager of Up Property, said as long as the population continued to grow and both government and private sectors continued to invest, the long term outlook for developers would remain positive.
“The immediate issue is finding the balance between what the market is ready to pay for both residential and commercial end products, in comparison to the costs and obstacles to deliver
these projects,” he said.
Phil Petch, founder of IDS Developments, said one of the biggest issues facing property developers was the 40 per cent increase in building costs since before Covid.
“This makes it difficult to maintain a proper margin, as construction costs keep rising while our selling prices stay stable,” he said.
“With fixed prices and climbing expenses, it has become increasingly more challenging to
preserve our profit margins.”
Mr Petch said Geelong had an exciting future.
“With Geelong being the fastest-growing regional city in Australia, we continue to identify new needs and are willing to invest to supply those needs,” he said.
Paul Franze, the developer behind the $200m Geelong Quarter on Ryrie St, said the cost of sites was somewhat prohibitive, and construction prices were 30 to 40 per cent higher than what they were just 18 months ago.
“Depending on what you’re developing, whether it be office or residential, from a mum and dad investor, with interest rates where they are and potential risk of rate rises, investment products and even owner-occupied products is somewhat slowed down because people are just battening down the hatches and waiting to see what transpires,” he said.
Ranked: Who are the regions most powerful developers?
1. Rory Costelloe – Villawood Property executive director
Villawood Property is responsible for the 3000 lot project, Armstrong in Mt Duneed.
Villawood Properties’ executive director Rory Costelloe said an ever-increasing number of people want to call Geelong home and managing that growth must be a top priority for city leaders.
Construction at Armstrong began in 2012 with a yield of 3000 plus lots.
Overall, Villawood properties is expected to deliver over 11,000 homesites in the Geelong region once the estate is completed.
Mr Costelloe said Villawood had about $3bn worth of value to deliver in Geelong over the next 20 years.
“The current growth corridor in Armstrong Creek will be sold out in the next two to three years, (so) we’ve got to be ready for that next growth corridor, I think that’s a critical situation,” he said.
“It’s just the lifestyle (drawing people to Geelong), it’s such a great place … it’s a phenomenal place to live and bring up a family.”
2. Mark Casey – Casey Capital managing director
Mark Casey is the man behind Casey Capital and the director of Armstrong Creek’s $1.5bn 5000 lot Warralily Estate, Geelong’s biggest housing development.
The estate surpassed 10,000 people in late 2022, and had a number of new schools, neighbourhood shopping centres and sporting facilities in the pipeline.
Mr Casey said creating an urban environment that lives in harmony with the natural environment was part of the vision for the 380ha estate.
“Our early focus on rejuvenating Armstrong Creek laid the foundation for the community’s distinctive sense of place and intimate relationship with its landscape,” Mr Casey said.
3. Robert Costa – Costa Asset Management chairman
Robert Costa grew up in Geelong and holds various high-profile positions which include being the chairman of Costa Asset Management, as well as being the chairman of Monno.
Monno is a design-driven property developer whose portfolio represents billions of dollars worth of award-winning residential, commercial and mixed use projects.
Mr Costa is the main person behind the Lovely Banks Development Group, who announced a partnership in 2021 with the builder/developer behind the Warralily community at Armstrong Creek.
The consortium controls a massive tract of land in Geelong’s northern growth corridor for the development that will one day contain 15,000 homes for 45,000 people.
The first stage of the development, which will incorporate about 2500 lots — roughly 20 per cent of the Lovely Banks site — along with extensive parkland and public amenity, is estimated to be worth between $2bn and $3bn.
Mr Costa is also the man behind Stella Maris, a $125m project which build 53 residences, which is expected to be completed by 2025.
In November of last year Monno gained approval for a 12-storey mixed use building at 61-71 Moorabool St, Geelong.
It is the first Geelong CBD project for Melbourne developer Monno, which will demolish an existing two-storey building to make way for the tower.
4. Lino Bisinella – Bisinella Developments managing director
Lino Bisinella started Bisinella Developments nearly 60 years ago and has been developing residential estates in the region for the past 25 years.
Bisinella’s industrial holdings in Geelong’s north are now worth millions and it owns, leases and manages more than 110,000sqm of warehouse space in the Geelong area.
The Lara-based company has developed major residential estates in Lara, Curlewis, Drysdale, and Leopold.
The Grand Lakes Estate, an 800 lot development, was completed in 2015 and now has a community of more than 2000 residents.
In 2015, Bisinella’s Grand Lakes Estate in Lara, top honours at the Urban Development Institute of Australia’s annual Victorian awards for excellence.
Among some other estate developments created by Bisinella Developments include the 363 lot Baywater Estate at Curlewis, which was completed in 2021, and 230 lot Seaside Estate at St Leonards, yet to be completed.
In March, Mr Bisinella welcomed Deputy Prime Minister Richard Marles to its latest project, a 3600sqm industrial factory complex that’s just been leased to a national truck firm.
The property, which is near Bacchus Marsh Rd, will serve as the business’ Geelong truck sales and servicing hub.
Mr Bisinella said spec building sheds made sense.
“To me this is the most important part of Geelong,” he said.
“I knew the highway was coming 60 years ago, and then eventually it came along, that made a big difference.
“The first 10 acres cost $10,000 and now they are talking millions.”
5. Adam Davidson – Up Property founder and managing director
Up Property develops, manages and owns real estate in Geelong and is responsible for several developments, including the 220 dwellings at the masterplanned community in Belmont.
The project, which has an end value of $126.5m, is at the former CSIRO facility and presented as a landmark redevelopment opportunity close to Deakin University.
Up Property has also created a 1760 sqm development after paying $4m for a two-storey building at 37 Malop St.
The site stretches north from Malop St and includes an existing car park and The Bush Inn hotel on Corio St.
On this site, which is near Geelong’s West End hospitality precinct via a new walkway from Malop St, Up Property expects to create a 12-storey mixed use development with an end value of more than $60m.
Up Property is also responsible for a number of townhouses in Highton.
Its other Geelong projects includes 126-128 Lt Malop St, Geelong, which is home to Geelong Advertiser and Barwon Health, and the development of Barwon Health’s Mental Health Hub at 181 Moorabool St.
A major project in the works for Up Property include redeveloping 164-172 Malop St.
“We have over $500m in value of projects to deliver over the next five to 10 years in the
region, and plan to continually add to this through developing our own existing
portfolio and new acquisitions,” general manager Marcus Jankie said.
6. Bill Votsaris – Batman Investments managing director
Bill Votsaris has made a name for himself buying up big in the CBD and putting together an impressive portfolio of high-profile city properties in recent years.
Mr Votsaris has been a figure in the revitalisation of Little Malop St and other properties across central Geelong.
The Batman Group is responsible for a number of properties on Little Malop St, including Coffee Carte and, Mavs Greek Restaurant, and also has a number of serviced offices in the CBD.
The Batman Group acquired Lloyd’s Corner on Moorabool St in May 2021 with the aim of building a three-storey venue.
It’s hoped the proposed building would have hospitality tenants across all three levels, including on the rooftop.
Mr Votsaris said the hospitality precinct was playing a vital role in encouraging further residential development in Geelong’s CBD because it offered signs of life for prospective apartment buyers.
“I think the area is still in its infant stage,” Mr Votsaris said.
In March it was also revealed Mr Votsaris was turning the former site of Fan’s Milk Bar into townhouses, describing them as a “project of passion”.
7. Cam and Andrew Hamilton – Hamilton Group directors
Brothers Cam and Andrew Hamilton are the faces behind Hamilton Group, a property and investment company behind several national award-winning projects.
Hamilton Group lists 18 major properties under its banner and houses about 200 businesses, enterprises and organisations in more than 200,000sqm of space.
Last August, it was revealed that Geelong’s Hamilton Group had plans to turn the old Regent Theatre in Little Malop St into The Regent – a four story commercial complex with retail, office and hospitality spaces.
A few doors down, the Hamilton Group is also revitalising the Bright & Hitchcocks building on the corner of Little Malop and Moorabool streets, with Mr Hamilton keen for the development to become a hub for retail and hospitality.
In July last year it was revealed that the Hamilton Group had launched a $30m vision for North Geelong’s Power Station.
8. Shane Quinn – Quintessential executive chair
Shane Quinn has had a major impact on the Geelong city skyline and has said that Geelong was one of the best places to invest in commercial property due to its affordability and lifestyle opportunities.
Responsible for the Geelong council’s $102m Wurriki Nyal Civic HQ project, which opened in September 2021 and was named as a finalist in the best office development” and best public building categories in the PCA property awards.
Quintessential is also behind the $120m WorkSafe building in Geelong, which has the capacity to house around 950 staff at any one time
They are also the developers behind 60 Moorabool Street, which is owned and operated by Quintessential Equity and GMHBA.
9. James Morphy – Morphy Birrell Property Group director
James Morphy is the developer behind Geelong tallest residential building, Miramar.
The 21-storey development, located on Cavendish St, offers world class bay views at the apartment complex.
In 2019, Mr Morphy described the development as “amazing”
“You’d never think it would happen, getting it all together and it’s gone all right,” Mr Morphy at the time.
“I believe in Geelong and so many people said don’t do it,” he said.
In April this year, Morphy Birrell Property Group submitted a revised application that, if approved, would see 468 build-to-rent (BTR) apartments developed at 81-101 Mercer St.
If it were to be approved, it would break Geelong’s existing height record by six metres, which is currently set by the Miramar Apartments.
10. Paul Franze – Franze Developments managing director
Paul Franze is the founder and managing director of Franze Developments and was the developer of the $200m Geelong Quarter project, completed in 2023.
The 180-room hotel, which is managed by IHG Hotels and Resorts and opened last September, is expected to sell for about $70m.
The 14-storey hotel’s rooms include 23 suites, with other features including a signature open lobby, all-day dining options, meeting spaces, a heated 24-hour indoor pool and fully equipped gymnasium.
“Building the first hotel in 20 years, we’ve contributed a huge amount to not only the city skyline of Geelong CBD, and from an economic and employment driver perspective in terms of our staff and the employees that are essentially predominantly Geelong-based,” Mr Franze said.
“But then also providing an alternative type of accommodation or alternative accommodation for visitors that are coming to Geelong from not only a tourism point of view, but also from a corporate perspective when people are visiting for business.
“The Geelong Quarter is promoting inner city living or people to move closer to the CBD in, both from a residential perspective and from a corporate sense to try to entice people to move closer into the CBD of Geelong from a work and from a play perspective.
“We’ve contributed to the economic growth of Geelong with jobs during construction and now in the operation of the hotel and hospitality aspects.”
11. Norm Lyons – Lyons Construction chairman
Over the past five years alone, Lyons Construction has completed more than 45 projects within the greater Geelong region.
These ventures span various sectors, including aged care, community, education, health, industrial, offices, residential, retail, and sports and recreation and combined, have a project value of more than $165m.
Some of the major projects completed by Lyons Construction include the Waurn Ponds Police and SES Complex, Leopold Community Hub, Waurn Ponds Library and revitalisation of school buildings at Matthew Flinders Girls Secondary College, Sacred Heart College, Kardinia International College, Geelong Grammar and Clonard College.
12. Phil Petch – IDS Developments director
IDS is a niche developer behind a number of hotels and apartments in Geelong including R Hotel, The Devlin and Vue Apartments.
The estimated value of all their developments is about $100m.
R Hotel, a $55m project, is geared to all types of guests, with 128 family, dual key and separate single-room apartments that all have a balcony view over the eastern gardens, the waterfront or CBD.
“This type of upscale accommodation is something Geelong has really been crying out for,” Mr Petch told the Geelong Advertiser in 2020.
The Devlin, is $5m boutique residential hotel which features 37 rooms and was previously the Geelong Junior Technical School building.
In October of last year, it was revealed IDS Developments would be leading the $13m Barwon Business Park project at 45 Riversdale Rd, Newtown.
“As the city has continued to grow rapidly, so has the demand for short-term accommodation, and we have since then followed up by developing the A-Hotel, Devlin and R Hotel,” Mr Petch said.
“We’re also addressing market needs, so we have focused on introducing short-term accommodation projects in Geelong and are currently developing commercial strata offices at
Barwon Business Park.
“By including offices water facing with windows, balconies, and terraces, we are creating spaces that offer what is being demanded in today’s office environment.”
13. Nunzio Pellicano – Pellicano founding partner
Pellicano has completed $4.45bn of residential, commercial, retail and industrial developments across the country.
Pellicano are the developers behind Quest Geelong which opened its doors in September of last year.
The project was described as a key investment in the city’s accommodation sector.
It includes 87 self-contained apartments.
satria.dyer-darmawan@news.com.au
Originally published as Geelong’s concrete kings: Rory Costelloe, Lino Bisinella, Mark Casey, Bill Votsaris
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