By NOEL MURPHY
A $100 MILLION project of 500 student apartments a stone’s throw from Deakin University’s Waterfront campus is the latest big-ticket building project planned for Geelong’s rapidly-changing central city area.
South Australian developer Commercial & General, in tandem with Geelong’s Teleta Property Group, hopes to begin construction on the two-stage Cavendish St project next year, pending approvals.
They expect project to create more than 1000 jobs.
The complex, slated for a Winter and Taylor service department site immediately north of Brougham St’s Charles Hotham Hotel, would include ground-floor commercial and retailing and car parking.
Commercial & General said the project’s apartments would be available to the tenants at a 30 per cent discount over 15 years under a National Rental Affordability Scheme if applications to state and federal governments were successful.
The project is more than twice the scope and size of a controversial $45 million 220-apartment student housing project with 14 parking spaces in nearby Brougham St.
Commercial & General state director Tass Roufos said the project was aimed at meeting broad demand for affordable student housing.
“People are angry and frustrated at the lack of affordable housing in Geelong,” he said.
“Housing affordability is a key concern for the community at large and we hope to be able to achieve something unique here. This investment, which would be our first in Geelong, reinforces our commitment to the affordable housing market.
“We think this linking of residential and office accommodation with such proximity to the university and the water will prove to be a successful attraction for business to locate in the area.”
Commercial & General recently built South Australia Police’s new headquarters.
Teleta was recently involved in a controversial chemical storage proposal at North Geelong, which went on hold to deal with community objections.
Mr Roufos said the group was “delighted to have secured such a prominent site in central Geelong for redevelopment and hope to play our part to enhance Geelong’s vibrant community”.
