One buyer ‘so far’ for City estate

By John Van Klaveren
CITY HALL has sold only one lot in its highly marketed Geelong Ring Road Employment Precinct, a spokesman has confirmed.
Council budget papers show an investment of $7 million in the project, which opened for sales more than a year ago.
The project has also raised two special charge schemes for a $7.4 million road construction and a $9 million major drainage scheme. Council received a State Government grant of $2 million toward the O’Briens Rd construction and $500,000 for an Elcho Drainage Scheme.
Council marketed the precinct as “a unique combination of value, amenity and location”.
Council expects the 500-hectare industrial estate to create 10,000 direct jobs.
“The GREP is Geelong’s largest designated precinct for industrial development,” council’s website says.
“The GREP is one of only a few areas available within Victoria with Industrial 2 zoned land.
“The precinct is an ideal location for any business seeking to establish, expand or relocate their operations.”
The website says City of Greater Geelong in partnership with State Government and existing GREP land owners was undertaking a “comprehensive program to provide key infrastructure”.
Stage one, currently underway, would create land “fully serviced and ready for development of business”.
Stage two aimed to open up large size lots in the north of the precinct through the provision of major drainage facilities.
“Stage three will consolidate an old residential estate ready for industrial development with major drainage infrastructure provided.”
The spokesman said negotiations were continuing with “potential buyers of several other (lots)”.
“The market for industrial land is very slow at the moment Australia-wide.
“In line with this lull in the market, it is believed that the sale of the GREP block represents 50 per cent of recent industrial land sales in Geelong.
“The buyer of the lot is currently preparing to develop on the site.”