A unique new industrial development in Geelong has achieved more than $38 million in sales, with the project now nearly 70% sold as the major milestone of construction completion nears. 

Wilmac Corio, situated at 128-146 Obriens Road in Corio, Geelong’s largest dedicated industrial precinct, is the only project on the market in the city offering new 1000sq m-plus warehouses. 

Eight of the 12 warehouses in the development have now been sold and more sales are imminent as a further two are under reservation ahead of the completion date in March. 

The two-stage project, which has an end value of $56.5 million, is being marketed for sale by Knight Frank and Darcy Jarman Real Estate on behalf of Victorian-based developer, Wilmac. 

The warehouses in the development, which have been constructed by C3 Constructions, range in size  from 1,320sq m to 2,558sq m, with each having an additional 195sq m of mezzanine office. Lot sizes  ranging from 2,141sq m to 4,857sq m. 

Several local prominent owner occupiers have purchased warehouses in Wilmac Corio, including transport and logistics company Direct Freight, which has set up a new distribution facility.  

Investors have also been active, and warehouses subsequently leased, with the most recent deal  seeing a local business, global leading bicycle wheel manufacturer Partington, signing up to lease  space in an expansion move. Rental rates starting from $150/sq m.

Partington, which is a local Geelong-based startup, is relocating to Wilmac Corio from Deakin  University in Waurn Ponds, having recently completed a significant capital raise allowing them to take  on the world with their industry leading product.  

Partington Founder and CTO Jon Partington said: “Partington is very pleased to secure space at  the new Wilmac Corio development, where it will conduct all design, development and manufacturing  activities of its ultra-premium, high-performance carbon fibre bicycle wheels.  

“The Wilmac Corio development provides a unique opportunity to remain local to the company’s  origins in Geelong, while becoming more accessible to Melbourne and its associated ports. Closer  proximity and ease of commute improves prospects of talent acquisition out of Melbourne and its  surrounding suburbs.  

“Cleanskin facilities of this size and scale are sparse, and this state-of-the-art space is a perfect fit for Partington’s new HQ.”  

Sam Maugeri of Direct Freight Express said: “We were drawn to Wilmac Corio for our new facility due to its unmatched connectivity and quick access to key arterials.  

“The opportunity to invest in a landmark industrial development within Geelong's highly connected northern suburbs was the perfect fit for our expanding business." 

Knight Frank’s Steve Jones said negotiations were currently underway with other occupiers, including a prominent local large scale civil contracting company and a nationwide engineering group. 

“Wilmac Corio is the only offering of its kind in the Geelong region, and is attracting the best of local, national and global occupiers who are looking to elevate their business within a community of like minded large-scale operations,” he said. 

“This development is fast becoming the new home for some of the most recognisable brands in the  region, and their commitment to buying or leasing space signifies their continued commitment to the  Geelong region. 

“We have had strong interest from a wide range of occupiers for the remaining warehouses available in Wilmac Corio, including from buyers and tenants. 

“Several large brand new warehouses are still available and are ready for immediate occupation as construction completion nears, with the spaces suitable for a range of businesses. 

“The quality of the development and size of the warehouses has been a huge attraction for occupiers, with nothing else of a similar quality and size range available in the Geelong industrial market.” 

Mr Jones said regional areas of Victoria were attracting occupiers looking for an alternative to Melbourne. 

“While many sales and leases in Wilmac Corio have been to local businesses, we have seen increasing demand from industrial users and investors across the board in Geelong,” he said.

“This is due to not only the uniqueness of the product, but the relative affordability of the region  compared to Melbourne, as well as its strong growth, strategic location, accessibility and increasing  workforce. 

“Businesses are looking to reposition themselves and expand into key gateway cities such as  Geelong, which is just an hour from Melbourne and has transport accessibility including to the  Geelong Port, Avalon Airport and to key arterial roads. 

Meanwhile, stamp duty concessions of 50% are available for regional commercial and industrial  property in Victoria, adding to the affordability proposition. 

Wilmac Corio is strategically located in the heart of Geelong’s largest dedicated industrial precinct,  with fast access to the Geelong Ring Road and beyond, providing connectivity to major major arterial  roads, rail, port, and airport facilities. 

It is in a gateway position to regional Victoria, situated just one hour’s drive from Melbourne and 15  minutes to the Geelong CBD. 

The 12 warehouses in Wilmac Corio include a generous private hardstand area, ample onsite parking and offer secure gated access off a central estate road, Industry Place.  

Wilmac Corio is Wilmac’s second foray in the Geelong industrial market, off the back of their  successful 70-lot industrial development in Breakwater completed in 2021, where sales totalled more  than $20 million. 

Another of Wilmac’s developments, Wilmac Braybrook at 84-110 Cranwell Street in Braybrook,  situated on the Maribyrong River and Cranwell Park, recently sold out for a total of $51 million. 

Wilmac Director Angus McQueen said: “When we acquired the site, we were drawn to the Geelong  region due to an identified shortage of high-quality, independent industrial office warehousing.  

“Wilmac Corio is delivering a new standard of warehouse facilities to the area, meeting the increasing  demand for regional investment opportunities across Victoria while catering to the many expanding  local businesses. 

“Our state-of-the-art development is fast becoming the new home for reputable large-scale operations  and growing local businesses looking to expand and elevate their business, including global leading  bicycle wheel manufacturer Partington; one of the few manufacturers in the world of this unique  product. 

“Geelong, as one of Australia’s fastest-growing regions, is the perfect location for this type of  development.” 

Developer Wilmac, which specialises in industrial and commercial property development, has  delivered well over 500 warehouses over more than 20 projects across Victoria. 

Aside from Wilmac Corio, the developer’s current projects include: 

• Wilmac Clyde North at 75 Sofra Road, a commercial land subdivision with 25 lots – 65% sold  for $68.8 million 
• Cremorne House, a building with 18 office suites at 6 Adolph Street in Cremorne – 60% sold  for $32.33 million 
• Wilmac Altona North, a business park with 84 office warehouses at 21-25 Chambers Road in  Altona North – 52% sold for a total of $54.6 million 

Related Readings 

Last two warehouse for sale in Stage 1 of Wilmac Corio Geelong - Knight Frank | The Industrialist

WILMAC Corio: Brand new 1000m2+ warehouses Geelong North for sale by Knight Frank and Darcy Jarman RE  | The Industrialist

Wilmac Corio: Construction commences on Geelong’s latest industrial project after unprecedented sales success | The Industrialist