Following a highly successful off-market campaign, Colliers have sold  the last vacant Industrial 1 zoned serviced lot in the sought-after Geelong Ring Road Employment  Precinct (GREP). 

148-158 O’Briens Road, Corio transacted over $410p/sqm of land, a record rate for similar parcels in this estate. 

The site features 40,058m2 of high-value industrial-zone land to the north of Geelong, with highway frontage and is strategically located amongst some of the largest industrial users including, Timber  Truss, Riordan Grain, Thornton Engineering, Richie Bros, Hanlon, PFD Foods, Bid Foods and OneSteel. 

Colliers’ Sales and Leasing Executive Chris Nanni managed the sale on behalf of a valued vendor, setting a record for vacant industrial land of this scale.  

“The vendors approached us for an opinion of the value of selling the property but wanted to keep  the campaign off-market. Colliers’ extensive network both locally and nationally created a fantastic  pool of potential buyers and we also worked closely with key industry groups to ensure we targeted all relevant parties,” 

“It was a discussion with one of the local industry groups that connected us with a buyer who had a  mandate similar to our listing,” Mr Nanni added.  

Placed in Victoria’s largest regional city, the GREP attracts 10,000 local jobs which will encourage  Geelong’s journey towards growth and strengthen the local workforce for businesses to support.  

Colliers have now managed five campaigns in the north of Geelong involving sites over 1.5 hectares which equates to over 11 hectares of industrial land sold. All of these campaigns received great enquiry levels and have generated multiple offers to purchase from both owner-occupiers and  developers. 

Demand for these larger industrial assets remains relatively strong as Colliers continue to see  national and even global companies looking to take up space in Geelong. The Geelong Port provides  close to 12 million tonnes of cargo and 600 vessel visits per year. It supports major industries  including agriculture, construction and the energy sections, all of which rely on the Geelong Ring  Road Employment Precinct either directly or indirectly.  

Related Readings 

Cadence Property Group industrial asset sold to Elanor Investors Group

Melbourne’s bustling Inner-North corridor unlocks significant value through optimised occupancy - Colliers