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Gurner is planning its Geelong debut with a $300-million, mixed-use precinct near the city's waterfront.
The prolific developer will partner with Geelong property identity Dean Montgomery to develop the 2100sq m historic former wool store at 20–28 Brougham Street.
The woolstore dates back to 1872 and was built by wool industry pioneer Charles John Dennys.
The site currently has a permit for a 12-storey commercial building with 26,000sq m of gross floor area.
Gurner founder Tim Gurner said that plans by Fender Katsalidis for the property included a ground-floor food and beverage precinct, a five-star hotel and luxury residences, and the restoration of the heritage facade of the building.
“We will be bringing an incredible five-star hotel to this location that will feature a retail and hospitality offering at the ground floor that will be reminiscent of Chelsea Market in New York,” Gurner said.
“Sitting on top of the hotel will be a collection of large luxury owner-occupier residences for locals and downsizers.”
The site will also link the nearby new council offices and the university.
Gurner plans to lodge the new plans as an amendment to the permit later this year.
“We acquired the site with Dean with the intention to create a residential, commercial and hotel precinct and it is our intention to bring that to life, however if the planning changes make that difficult we will proceed with the existing office scheme,” Gurner said.
Gurner said that he believed the Geelong market was a growth hotspot.
“Geelong has always been Victoria’s quiet achiever, but now with the renewed regional push as many families consider regional locations, I believe Geelong’s market run hasn’t really even begun yet,” he said.
“Regional tourism is set to flourish in the next few years, as holiday preferences change and regional destination such as Geelong continue to grow in popularity. The opening of new attractions, like the Spirit of Tasmania terminal in Geelong, will further drive this activity.”
Median land prices fell by 12 per cent in Greater Geelong in January, 2022, according to Red23’s February land market report.
Red23’s managing director Terry Portelli said this made Geelong more affordable.
“Greater Geelong and Bendigo’s median house and land prices remain more affordable than metropolitan Melbourne as well as each of the region’s median established housing prices,” Portelli said.
Gurner has also recently won approval for a $350-million, 41-storey tower development in Melbourne's Southbank, and has plans for towers on the Gold Coast, and in Parramatta and Surfers Paradise.
