Green light for $180m mixed-use tower near Geelong CBD as planners fast-track renewal push

Geelong's CBD renewal strategy has received a significant boost with planning approval granted for a $180 million mixed-use development on Gheringhap Street, just 400 metres from the heart of the city centre. The eight-storey complex will deliver 220 residential apartments, 3,500 square metres of retail and hospitality space, and 280 car parking spaces across a 3.2-hectare site.

The approval, finalised this month by the Victorian Planning Authority, represents a watershed moment for a city that has struggled to attract major private investment despite sitting at the epicentre of Melbourne's south-west commuter belt. With Geelong's median property price hovering around $680,000—increasingly competitive with outer-ring Melbourne suburbs—developers are reassessing the city's long-term fundamentals.

"This is exactly the kind of scale and mixed-use intensity we need to activate the CBD," says the development's planning submission. The complex will sit within walking distance of Johnstone Park and the waterfront precinct, positioning residents for lifestyle convenience that has eluded Geelong's previous apartment offerings.

The approval comes as local commercial agents report surprising resilience in inner-city office leasing, buoyed by government relocation announcements and remote-work flexibility. Ground-floor retail components are being marketed to hospitality operators seeking premium locations outside the premium rents commanded by Corio Street and Little Myers Street.

Geelong's planning landscape has shifted markedly over the past 18 months. The Armstrong Creek growth corridor, while substantial, has redirected attention toward established precincts where infrastructure already exists. The Gheringhap Street approval signals planners' confidence that urban consolidation, rather than sprawl, will drive the city's next cycle of value creation.

The development's residential component is particularly notable. At an estimated average selling price of $620,000–$750,000 per apartment, it sits comfortably within reach of owner-occupiers upgrading from established suburbs like Bellerine and Manifold Heights, as well as investors seeking Melbourne exposure without CBD pricing pressures.

Construction is expected to commence in Q1 2027, with practical completion targeted for late 2029. The timeline positions the development to capture the final wave of interest rate-sensitive buyers before the market's next cycle turns—a calculation that reflects growing confidence in Geelong's structural appeal to both residents and capital.

For a city whose CBD has worn a tired expression for nearly two decades, the approval represents more than bricks and mortar. It signals that Geelong's transition from industrial heartland to lifestyle-plus destination is no longer merely aspirational.

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