$25m office tower is Nan Xin Property’s first shot at commercial development
A developer behind a 260-apartment complex in Melbourne wants into Geelong, proposing an office tower to attract the likes of another big 4 accounting firm to the CBD.
Geelong
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A $25m office tower proposed by a Chinese-backed developer would be built in Brougham St under a plan that would add 11,000 sqm of premium office space to Geelong’s CBD.
Developer Nan Xin Property — behind a 260-apartment complex in Glen Waverley and which bought a 15ha former apple orchard for close to $100m in 2018 in Wantirna South — owns the site at 10-18 Brougham St.
Plans for the proposed 12-storey development have been submitted to the state government and represents Nan Xin’s first significant attempt at a commercial development in Victoria.
The Nan Xin site, which previously housed Elders real estate, is next to the planned $300m five-star hotel and luxury apartment complex at 20-28 Brougham St, proposed by developer Gurner and Geelong property identity Dean Montgomery.
It is also close to 16 Gheringhap St which sold in 2021 for $11m with a permit to build a 12-storey building.
Planning consultant for 10-18 Brougham St, James Hamilton from Ratio, said the development would be built using Property Council of Australia-set “A-Grade” standards which could attract high-end clients like accounting giant Price Waterhouse Coopers.
“The client has done their due diligence and clearly there is demand for commercial floor space,” Mr Hamilton said.
“It shows a lot of confidence in the Geelong market that developers that are new to the region are looking to invest here... and provide for the growing population.
“The proposal has considered and given regard to the future directions of the central Geelong area, specifically the draft Central Geelong Framework Plan and associated proposed planning controls.”
Mr Hamilton urged the state government to give certainty to developers interested in Geelong CBD by ending more than a year of speculation around the final Central Geelong Framework Plan which has not been finalised.
The framework, a 30-year planning rule book, will set CBD density, height and other planning parameters.
“There’s certainly an element of frustration with the delay, it is causing hesitation or uncertainty from developers moving forward with other proposals...but state government officers have been proactive with the (10-18 Brougham St) application.”
The 10-18 Brougham St development is proposed to contain about 80 car spaces across two levels and 10 floors of leasable space.
The project’s ground floor would have space for four retail tenants.
Designed by architect Gray Puksand, the project is expected to include a pedestrian connection between Brougham and Bayley streets to connect to Geelong council’s $100m HQ facing Mercer St, and Geelong station.
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Originally published as $25m office tower is Nan Xin Property’s first shot at commercial development
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