A remarkable development opportunity is set to captivate regional investors and developers with Cushman & Wakefield Melbco Development Sites offering a dream project in Warrnambool, Victoria, shedding light on the immense potential and promising prospects awaiting interested stakeholders.
The project, located at 127–145 Fairy Street, is situated in Victoria's eighth-largest city, Warrnambool, and the expansive commercial site spans a substantial 4,481sqm, making it the largest of its kind in the CBD.
The development holds a permit for three interconnecting buildings, offering a total of 18,083 square meters of Net Sellable Area (NSA) and 37,946 square meters of Gross Floor Area (GFA).
What sets this project apart is the approved eight-level mixed-use scheme, incorporating retail spaces, commercial offices, and residential apartments. Notably, a significant milestone has been achieved with a ten-year Heads of Agreement signed with a prominent national serviced apartment operator, guaranteeing exciting opportunities in the hospitality sector.
According to Marcus Neill, Cushman & Wakefield’s Director of Development Sites & Build-To-Rent, renowned for its stunning coastal scenery and its strategic location between major cities such as Ballarat, Mount Gambier, and Geelong, Warrnambool serves as an attractive destination for both residents and tourists alike.
“Boasting a population of over 35,000 people, the city continues to experience rapid growth, with projections anticipating a 41% increase to reach 50,000 inhabitants by 2036.
“As a thriving tourist hub, Warrnambool attracts over 700,000 visitors annually, generating an estimated $175 million per year, with the Accommodation & Food Services sector capturing the largest share. With limited apartment supply in the region, this project presents a rare opportunity to tap into the growing demand for quality residential and hospitality offerings, particularly for a site which is permit approved” he said.
“This site is an unrivalled mixed-use development that caters to the needs of residents, businesses, and tourists, and will attract interest from developers, investors, and individuals seeking to capitalise on the tremendous growth potential and exceptional opportunities " Mr Leggo said.
The strategic location of the project, within walking distance of Warrnambool Train Station, primary schools, and South-West Healthcare, provides convenient access to essential amenities. Furthermore, its proximity to Aldi, Coles, and Woolworths offers added convenience for residents and visitors.
The site is being offered by way of Expressions of Interest, closing Thursday 29th June at 12pm. For more information on 127–145 Fairy Street, please contact Marcus Neill, Alex Leggo or Eva Ni of Cushman & Wakefield Melbco Development Sites.