Developers seek buyers to take on Fyansford town centre sites
Developers are selling off land earmarked for a new town centre at Fyansford.
Developers are selling off land earmarked for a new town centre at Fyansford.
ICD Property and Supalai, which are behind the GenFyansford housing estate on the former Geelong Cement works land, are seeking buyers for the 6.23ha Hyland St sites.
The investors want an experienced commercial developer to acquire the sites and build the town centre earmarked as a future neighbourhood village at Fyansford.
City of Greater Geelong last year signed off on a masterplan for the town centre, which allows land on both sides of Deviation Rd to be used for retail, restaurant/dining, commercial, mixed, residential and green space, and an urban plaza.
Savills agent Benson Zhou said price expectations were above $7 million.
Mr Zhou said the town centre would include a major supermarket tenant, specialist retail, commercial and community facilities, while a developer could also include medium density residential in their plans.
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Mr Zhou said the developers were selling the town centre site because they wanted to concentrate solely on delivering the residential estate.
The lots to 47 and 51-59 Hyland St can be sold together or individually. Offers close March 5.
Meanwhile, construction has started on the most premium lots adjoining the former cement works silos, which have been earmarked for demolition.
The first lots in the Pinnacle, Newtown release broke records in 2018 when they sold at auction for more than $800,000 and $900,000 respectively.
The start of civil construction means the estate is on target to be home to 950 residents by the end of 2021.
The next stage of lots in the Pinnacle Newtown release will hit the market soon.
Upon completion in 2024, Gen Fyansford will be home to a total of about 1200 homes.
GenFyansford agent Brett Thompson said a high percentage of buyers were owner occupiers.
“The natural topography of the area sets Gen Fyansford apart from the usual development and appeals to a varied demographic of buyers looking for a more up-market feel,” Mr Thompson said.
“The majority of purchasers aren’t just ‘new estate’ buyers either, most purchasers are generally looking for an established, up-market product.”
Recent buyers Paul and Kara Satham were drawn to the proximity to the city.
“We were living nearby in Geelong West and although we liked the area, we wanted a bit more room for ourselves and the kids. Gen Fyansford is quite a unique location, we’re right near the river yet only five minutes from town.”
Originally published as Developers seek buyers to take on Fyansford town centre sites