Alcoa seeks development partner for Point Henry transformation

Alcoa is taking steps to transform its Point Henry site from a heavy industrial base into a large-scale housing precinct.

Alcoa has put the call out for a "development partner" as part of its bid to build a "legacy project" across 515ha at Point Henry. Picture: Alan Barber

Alcoa is looking to team up with a property developer as part of its plan to transform its Point Henry site from a heavy industrial base into a large-scale housing precinct.

An expression of interest process, overseen by big four consulting firm KPMG, closes in three weeks, edging the Pittsburgh-based company ever closer to commencing what it calls a “legacy project”.

Following the smelter’s closure in 2014, Alcoa released a masterplan for the 515ha site three years later.

It said a mixed-use, sustainable community would significantly contribute to Geelong’s future growth.

Alcoa’s plan helped shape the overarching Moolap Coastal Strategic Framework Plan, published in 2019, that governs not only the Point Henry site, but also the wetlands and former Cheetham saltworks, the Moolap East area bounded by Portarlington Rd to the south and Clifton Ave to the east, and a southern industrial precinct.

Combined, the 1200ha area – two-and-a-half times bigger than Fishermans Bend – could accommodate at least 12,000 new residents.

This would go a small way to helping meet the state government’s target of 140,000 new homes within Greater Geelong by 2051.

That figure is more than double the existing stock.

Alcoa’s Point Henry site asset manager Warren Sharp. Picture: Supplied.

Alcoa’s Point Henry site asset manager Warren Sharp said with decommissioning works complete and environmental remediation well progressed, the time was right to seek a development partner.

He said the location, 7km from the CBD, presented one of the largest urban development opportunities in Victoria.

“With a strong commitment to community consultation, and health, safety and environmental management, the works undertaken to date have unlocked new potential within our landholdings,” Mr Sharp said.

“We’re looking to partner with a highly qualified and experienced developer to leverage their skills, knowledge, expertise, and reputation in the property development sector to progress the site’s long term redevelopment.”

A precinct structure plan must be completed before any construction work could commence and that process typically takes up to five years.

Alcoa’s Point Henry site. Picture: Alan Barber.

Industry sources said momentum around the Moolap plan had slowed since the retirement of former Bellarine MP and senior Labor government minister Lisa Neville.

“She was a real driving force … a champion of the plan and to get it done,” one source said.

Committee for Geelong chief executive Michael Johnston said while it was exciting to see Alcoa moving closer to development, the required planning approvals and transport links would take considerable time.

Alcoa has put the call out for a "development partner" as part of its bid to build a "legacy project" across 515ha at Point Henry. Picture: Alan Barber

“The clock is ticking,” he said.

“The redevelopment of Point Henry is a massive undertaking.

“There are different views out there on the best use of this site, but whatever the view, they all lead to creating more housing supply within Geelong.

“And that’s something we all need to get behind.”

Dow Chemicals’ location within the Moolap East precinct remains an impediment to maximising that area’s housing potential due to a 2km buffer zone.

“A future decision by Dow to leave the site will unlock the precinct’s ultimate potential for a residential community and help relieve the high demand for coastal living on the Bellarine Peninsula.,” the Moolap plan states.

Dow has previously said the site remained a key manufacturing asset.

Originally published as Alcoa seeks development partner for Point Henry transformation