Market Square overhaul one step closer as Geelong council prepares to vote on the release of a masterplan for the CBD site

The public is being asked to have their say on the redevelopment of a controversial Geelong CBD site following the release of a long-awaited masterplan. TAKE OUR POLL.

The “Malop Heart” option has been recommended as part of a masterplan that is expected to be released for public feedback shortly.

The maligned Market Square precinct will be transformed into an area boasting a hotel, apartments, public forecourt, as well as a retail and entertainment complex, if the key recommendation of a new masterplan is acted upon.

Geelong council is expected to green light the release of the draft document for public feedback at its meeting this Tuesday night.

More than a year in the making, the masterplan proposes three options for the city block bounded by Malop, Yarra, Ryrie and Moorabool streets.

Primarily focused on the existing Market Square shopping centre and Little Malop St mall, the preferred option put forward by consultants engaged by City Hall has been labelled “Malop Heart” and would include a range of uses.

These include an apartment complex and hotel, both up to 12 storeys high, office and retail tenancies, a north-south, pedestrian-only “eat street”, a Welcome to Country space, and dedicated area for community gatherings and markets.

A revamp of the Moorabool St bus interchange would also form part of the overhaul.

Artist impression of the corner of Little Malop and Yarra streets.

Malop Heart was seen to be the most commercially attractive due to its relatively lower construction costs and potential speed to market.

“As one of the city’s most prominent commercial sites, it is conceivable that Market Square could successfully secure a commercial tenant to occupy the identified commercial floor space which might also attract health and education uses,” the draft masterplan stated.

“The option most strongly aligns with the vision for central Geelong as a dense, mixed-use location that supports the convergence of uses and activity.

“The option most closely aligns with the structure of approved and constructed development benchmarks and trends in the redevelopment of self-contained shopping centres into dense, mixed-use facilities.”

The masterplan acknowledged that a significant part of its implementation would rely on private investment from developers and landowners.

“While the majority of the landholdings within the subject site are owned by private landowners, in particular the Market Square site, the City of Greater Geelong believe it is worth advocating for the considered transformation of such sites in recognition of the strategic importance of this location to the whole of Geelong,” it stated.

Artist impression looking down Malop Street.

Option two – “Malop Market” – revolved around employment, but was seen as risky because it would not provide enough residential accommodation.

Conversely, option three – “Malop Village” – focused on the provision of up to 200 apartments.

“However, it may be difficult to achieve this much demand in one place and limits the opportunity for office space,” the plan stated.

A final masterplan will be prepared in response to the feedback received through community consultation and is expected to go to council for endorsement in 2024.

The release of the draft masterplan comes soon after it was revealed that Lincraft was the latest retailer to abandon Market Square.

Surf shop Speakys relocated to Pakington St and closed its central Geelong store in September.

Earlier this year, EB Games, Panache Cafe and Boost Juice announced their exits.

They joined major brands and organisations like Australia Post, Mimco, Cotton On, Factory, Dymocks and Hello World Travel, all of which have shut up shop or relocated in the past few years.

Originally published as Market Square overhaul one step closer as Geelong council prepares to vote on the release of a masterplan for the CBD site