Shop-top living ‘to flow from apartment projects’: Inner-city rush begins

By John Van Klaveren
MILLIONS of dollars worth of residential development could be the kick-start for a central Geelong population explosion, according to a councillor.
Planning portfolio holder Rod Macdonald said demand for city living was growing.
Cr Macdonald said supply in some sectors was lagging but hoped the apartment developments would provide a spark.
“We’re really looking at the need to convert shop tops and vacant blocks. I’m hopeful we’ll start to see some action there soon.”
City of Greater Geelong strategic projects and urban design manager Felix Hemingway confirmed council was in discussions with developers on several shop-top developments.
Seven apartment and student residence developments are planned or underway in the central activities area, council figures show.
They include the $14 million Vue Apartments in Bellerine St, a $27 million apartment tower in Gheringhap St, 10 apartments in Lt Ryrie St and 12 apartments in Yarra St.
The Independent reported in March that two student residence developments were set to offer 80 apartments.
The developments are part of Deakin University’s transfer of 1200 business and law students to its Waterfront campus by the start of trimester one next year.
The Independent understands that student apartments are also planned for a former Geelong Grammar School building in Maud St, Geelong.
Construction king Norm Lyons sold the building in May. It had an asking price of almost $2.5 million.
Cr Macdonald said the visibility of developments underway should stimulate further opportunities.
“It’s taken a little while for people to get the whole idea but more commentary around it will get people thinking about the possibilities.
“The price of housing in inner-city suburbs has kept a cap on what people are prepared to pay in the city but there’s latent demand for more mid-range properties as the balance changes and desire for city living increases.
“It’s part of a worldwide trend as people see the benefits of reduced travel and convenience.”
Cr Macdonald said improved finance conditions would stimulate investment in inner-city living.