Pakington St laneway to become retail outlet under now approved plans put forward by Cotton On founder Nigel Austin

Billionaire Nigel Austin’s transformation of the southern end of Pakington St continues to take shape after Geelong council approved plans to develop what has long been a vacant laneway.

Plans for a retail outlet at 324-326 Pakington St have been approved by Geelong council.

Billionaire Cotton On founder Nigel Austin’s plans to transform a Pakington St laneway into a shopfront have been approved by Geelong council, while City Hall is yet to give its verdict on a $180m high-density development just a few hundred metres away.

Mr Austin purchased 324-326 Pakington St for $3.5m a year ago as part of wider property play in the area.

The 580sq metre site, which previously sold for $1m in 2016, encompasses the now empty Village Store building and what has long been a vacant laneway.

Under plans approved by Geelong council, Mr Austin intends on converting the laneway into a retail outlet with 155sq metres of leasable floor space, cutting off access from Pakington St to John Place in the process.

Plans to transform a Pakington St laneway into a shopfront have been approved by Geelong council.

Business owners said the laneway currently provided short-term parking for delivery drivers.

As part of the development application, it was argued the lane was neither a carriageway nor a legal road, therefore it did not need to be retained.

“Generally speaking, any convenience which has been enjoyed via the access way for those using it as a means to access John Place from Pakington St has been borrowed in this regard,” the application stated.

“The proposal has been designed to integrate into the streetscape seamlessly and reflects the overall development pattern and intensity of the surrounding commercial area.”

Mr Austin did not respond to questions about the development or whether he intended on consolidating the new building with the existing Village Store structure.

A nearby business owner said they were told cosmetic company Mecca would occupy the space.

Mecca did not respond to questions.

The Village Store closed on January 25 after it owners Daniel and Jackie Anderson were unable to absorb a significant rental hike.

A spokeswoman for Mr Austin, who has been buying up landholdings at the southern end of Pakington St, said the Andersons chose to leave rather than exercise a lease renewal at “well below market rates”.

Mr Austin’s wealth was last year estimated at $2.66bn by The Australian’s rich list.

Meanwhile, council continues to assess the merit of a four-stage, $180m proposal for 403 Pakington St.

On a former woollen mill site that was established to support returned soldiers and sailors, developer Mill Properties wants to build 343 dwellings, including a combination of townhouses and apartments with varying numbers of bedrooms.

Render of the proposed development at 403 Pakington St.

The proposed development across almost 3ha involves 10 new buildings, including a childcare centre for 150 children.

“Considerable attention has been directed to ensure the site is activated and the public able to enter the Mill precinct to access its’ commercial, retail and open spaces,” JAM Architects said in their project summary.

Eleven objections and eight letters of support were lodged during a public consultation period in August.

Heritage advocates fear the complex could “overdevelop” the site, which is currently home to a range of commercial tenants, including a rock climbing centre, galleries, studios and offices.

Originally published as Pakington St laneway to become retail outlet under now approved plans put forward by Cotton On founder Nigel Austin