Image: 403 Pakington Street, Newtown artist impression
A local Geelong based developer has snapped up ‘The Mill’ at 403 Pakington Street, Newtown for an undisclosed sum, marking a significant moment in Geelong’s ongoing urban transformation.
The site, one of the largest and most strategically positioned in the region, occupies 29,280 sqm of land and a developable net saleable area (NSA) of 42,757 sqm, with a mixed-use permit already in place.
That permit allows for the construction of 314 apartments, 29 townhouses, as well as commercial and retail spaces. Located at the riverfront end of Pakington Street in Chilwell, the site is considered a rare development opportunity due to its scale, location, and existing approvals.
The sale was negotiated by Oliver Hay, Hamish Burgess, Joe Kairouz and Leon Ma of Cushman & Wakefield on behalf of a private who has held the assets for decades, they reported strong interest from a range of groups, including residential developers, retirement and aged care providers, and medium-term investors.
“This transaction underlines the strength and maturity of Geelong’s property market,” said Oliver Hay of Cushman & Wakefield. “We received strong interest nationally and internationally, but the fact that a local buyer emerged successful reflects deep local confidence.”
Hamish Burgess of Cushman & Wakefield added: “It’s uncommon to see a site of this size and with such comprehensive approvals come to market. The sale, which was unconditional immediately after the campaign closed, demonstrates continued demand for well-located, development-ready land in regional centres.”
The site’s future development will be closely watched, not only due to its scale but because of its potential to influence planning, housing supply, and neighbourhood dynamics in Newtown and greater Geelong.
“As the city continues to grow and attract both public and private investment, transactions like this one offer insight into how its urban footprint may evolve in the years ahead,” said Mr Hay.
