Newtown riverside mill site with apartment plans up for grabs

A former Newtown factory with approved plans to build more than 300 apartments, townhouses, retail and commercial spaces is up for sale.

Development plans have been approved at 403 Pakington St, Newtown, which was originally the Returned Sailors and Soldiers Woollen Mill. Picture: Alan Barber

The company given a green light for a massive riverside development including more than 300 apartments is selling off the Newtown property.

Mill Properties could score a circa $30m payday for the 29,280sq m site at 403 Pakington St.

The landmark former woollen mill is set to reshape the urban landscape at the river end of Newtown’s main shopping strip.

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The Mill Newtown property has direct frontage to the Barwon River and access to surrounding parkland, but the biggest asset is the permit to proceed with the major mixed-use precinct designed by Jam Architects.

The approved development comprises 314 apartments, 29 townhouses and a diverse mix of commercial, retail and childcare facilities.

Cushman & Wakefield agents Oliver Hay, Hamish Burgess, Joe Kairouz and Leon Ma have been tasked with finding a buyer for the property through an international expressions of interest campaign closing on May 1.

Planning application prepared by JAM Architects for proposed Newtown development.

The development was approved with only minor changes.

Mr Hay said the offering was an “extraordinary opportunity” in one of Victoria’s most sought-after locations.

“The combination of a substantial landholding, an existing planning approval for a mixed-use precinct, and Geelong’s continued economic growth makes The Mill an attractive proposition for a range of developers and investors,” Mr Hay said.

Market expectations indicate interest in the vicinity of $30 million, further solidifying The Mill Newtown as one of the most significant development offerings in the region this year.

Mr Burgess said given the strong infrastructure investment underpinning Geelong’s population growth, The Mill is expected to attract a wide range of potential buyers, including developers in the build-to-rent, aged care, and retirement living sectors.

The proposed development will maximise the position above the leafy north bank of the Barwon River at Newtown.

“Notably, the region has seen over $500 million directed toward healthcare developments, including the recently completed $20m dedicated children’s emergency department at University Hospital Geelong and new purpose-built facilities at Barwon Women’s and Children’s Hospital,” he said.

“These significant enhancements have strengthened the region’s healthcare framework, driving population growth and increasing demand for high-quality residential and mixed-use developments as well as retirement living and aged care communities.”

The development would include 10 buildings in total, ranging from one to seven storeys and would include commercial floorspace capable of accommodating existing new and existing operators.

The property opened as the Returned Sailors and Soldiers Woollen Mill in 1920. The last textile manufacturer, Geelong Textiles and Geelong Dyeing relocating after being acquired by Australian Textile Investments in 2022.

Originally published as Newtown riverside mill site with apartment plans up for grabs