Geelong CBD supersite secured by a local buyer

The landmark site owned by Geelong Bank and gforce Employment + Recruitment with a combined eight titles at 33-41 McKillop St, 36-40 Lt Myers St and 107 Gheringhap Street has been sold to a local buyer who outbid local, Victorian and national groups.

Sitting at the entrance to the Geelong CBD, the 7111sqm supersite was hotly contested, all parties are delighted with the outcome, with the deal representing the most significant commercial transaction in Geelong since 2022.

The result represents a significant step forward for Geelong Bank and force Employment + Recruitment while also delivering a significant outcome for the local community.

The site was marketed by agents Mark Stafford, Josh Rutman and Jesse Radisich of JLL, and Tim Darcy and Andrew Prowse of Darcy Jarman, with Urbis acting as Transaction Manager.

“The sale represents a significant outcome for the market, with the competitive nature of the sales process delivering a strong result, both on price and commercial terms, for our clients” Mr Stafford commented.

“With our combined efforts generating six formal bids from a range of groups with varied intentions, it is clear that confidence in Geelong remains high for commercial groups,” he added.

Mr Darcy commented that “one of the goals of the campaign was to see this key site transact to a group with plans to unlock and activate the site for the benefit of the Geelong community and the growth of our CBD. And they certainly have their eye on what the future could hold for this site.

“No doubt it is the largest transaction that’s occurred within the city centre this year and probably since the council car park was sold approximately 18 months ago.”

The supersite held strategic importance for both Geelong Bank and gforce Employment + Recruitment, as it allows both local groups the opportunity to expand and ensure the future of their service offering to the Geelong community.

gforce Employment + Recruitment CEO Keith Baillie commented: “Selling our Geelong site was a significant decision for gforce and the strong result realises the value created over many years. We look forward to seeing this prominent site contribute to the Geelong community in the years ahead. gforce is excited about the future and remains committed to helping people achieve the benefits of employment and continuing our strong presence in the Geelong region”.

With Vivien Allen, Geelong Bank CEO, added: “Next month, we are celebrating 50 years of serving the financial needs of Ford Motor Company employees, the founders of FCCS Credit Union, and more recently, the communities of the Greater Geelong and surrounding regional areas. What better way to celebrate than relocating to new premises with contemporary spaces in central Geelong? We will continue to deliver outstanding customer service and we look forward to welcoming new customers in the next stage of Geelong Bank’s growth.”

“The transaction highlights the opportunity that is presenting itself to an increasing number of community and not-for-profit groups,” Mr Rutman said. “By capitalising on the underlying value of their landholdings, both of our vendors have ensured that they are able to continue providing vital services to the local community long into the future.”

With the site occupying an elevated position, and the potential for views over the Geelong CBD, GMHBA Stadium and Corio Bay, the future looks bright for this CBD corner.