Franzé Developments has purchased 44 Ryrie Street in Geelong's CBD off-market for $7 million, with plans to build a $200 million mixed-use project on the site.
The 2700sqm development site will respond to strong demand for serviced apartments, hotel rooms and high quality office space in Geelong, as the city develops into the region’s epicentre for retail, tourism and employment.
Franzé Developments is currently in discussions with several major hotel groups with the serviced apartments and hotel both in the 4 to 4.5 star rating space.
Franzé Developments is working collaboratively with local and state government to submit plans by August 2017 for a $200 million mixed-use project comprising approximately 1,000 square meters ground floor retail, 5,000 square metres office space, 90 rooms of serviced apartments and one 200-bed hotel.
The extra 290 rooms will be a much needed addition to the local accommodation market with between 1,400 and 2,500 guest rooms required to support Geelong’s projected growth over the next 15 years.
Paul Franzé, Founder and Managing Director of Franzé Developments says the Geelong site acquisition aligns with his focus to diversify the business’ development pipeline.
“We are committed to delivering exceptional projects across a variety of sectors and we are looking forward to creating a genuine mixed-use project in Geelong, which is a new market for us.
“Geelong continues to grow and evolve and currently attracts 2.2 million overnight visitors annually, which means there is a gap between supply and demand across the region. Our Ryrie Street project will be the coastal city’s first hotel in almost 20 years, since Four Points Sheraton Geelong in 2011, rebranded the Novotel Geelong in 2014.”
Architectus, the design studio behind 1 Bligh Street, Sydney, and the team currently collaborating with world renowned architect Ateliers Jean Nouvel on the 70-level 383 La Trobe Street, Melbourne Tower, has been appointed as the project design team.
Construction is expected to commence in late 2018.