‘Time is right’: Market Square owners commit to redevelopment, mayor Stretch Kontelj says

In what was the first meeting in many years, Geelong council’s leadership has been told by the owners of Market Square that “the time is right” to begin the redevelopment process.

City of Great Geelong chief executive Ali Waste and mayor Stretch Kontelj met with Market Square’s owner and property manager this week. Picture: Alison Wynd.

The Singaporean owners of Market Square are firmly committed to redeveloping the beleaguered site in the near future, according to Geelong mayor Stretch Kontelj and Corio MP Richard Marles.

The pair, along with Geelong council chief executive Ali Wastie, met with co-owner Phil Wong in Melbourne on Tuesday in what Mr Kontelj claimed was the first face-to-face discussion between the parties since the late 1990s.

Joining them was Lurline Lett from Market Square property manager Knight Frank.

The meeting comes after Ms Wastie and former mayor Trent Sullivan were ghosted by the ownership group, Davinski Nominees, during a fleeting trip to Singapore in August last year.

Mr Kontelj said the four-hour discussion “could not have gone any better” and a follow up meeting with Knight Frank and other Davinski representatives was already scheduled for the coming weeks.

“He (Mr Wong) told me they always intended to develop it, but (he) feels the time is right now …(he’s got) great confidence in Geelong and where it’s headed,” Mr Kontelj said.

Details about the exact nature of any development are unclear, other than it would have commercial and residential components.

Mr Kontelj said he wanted to “inspire” Davinski to create an “architecturally significant and very distinctive, interesting building that would become a destination in its own right”.

“A beacon within the CBD that would attract people from the waterfront into that CBD precinct,” Mr Kontelj said.

“We can all see that this site is just so significant and important.”

Mr Wong and Knight Frank were contacted for comment.

Geelong council sold Market Square to Davinski in 1996 for $32m.

The Committee for Geelong last month revealed its vision for the vast site.

Mr Kontelj said he shared those plans, developed by Tract Consultants with support from WT Partnership and Preston Rowe Paterson, with Mr Wong.

Under that plan, the existing shopping centre would be demolished and the site’s heritage buildings and clock tower refurbished.

A new high-rise apartment building would be built on the current car park site and a 5000 sqm green public space for hosting markets and events would be created.

Those plans followed the release of Geelong council’s draft masterplan in late 2023, which City Hall hoped would generate momentum for the site’s regeneration.

A render of the Committee for Geelong’s plans for Market Square.

Mr Kontelj thanked Mr Marles for dialling in to the meeting from the federal election campaign trail, a move he said carried much weight with Mr Wong given he is Australia’s deputy prime minister.

Mr Marles said redeveloping the Market Square precinct was an essential element to revitalising Geelong’s CBD.

“I’m very pleased that both parties (council and Davinski) are committed to developing the site, which will further enhance our beautiful city,” he said.

Market Square is a shadow of its former self, with a seemingly never ending exodus of outlets creating significant frustration among the community, business groups and council.

Just three outlets remain open on the first level.

Following the August snub, Mr Sullivan said council was committed to pursuing a compulsory acquisition of the site if Davinski did nothing.

“We can’t have this canker sore on the face of Geelong indicating that we’re not a place to do business,” he said at the time.

Originally published as ‘Time is right’: Market Square owners commit to redevelopment, mayor Stretch Kontelj says