New Apartments Geelong CBD: $180m Tower Approved

Geelong's central business district has reached a watershed moment. Planning authorities have granted development approval for a $180 million mixed-use tower on a prime Malop Street site, clearing the way for the city's most significant CBD renewal project in a decade.

The 22-storey development will deliver 310 apartments—a mix of one, two and three-bedroom layouts targeting owner-occupiers and downsizers—alongside ground-floor retail and hospitality spaces. The approval arrives as Geelong grapples with a shortage of new apartments in established precincts, with most recent supply concentrated in greenfield estates like Armstrong Creek further west.

"This approval represents confidence in the CBD's future," a spokesperson for the development team said. The project sits within the Geelong 2040 framework, which prioritises urban consolidation and activation of underutilised CBD sites. Current median apartment values in the immediate CBD area hover around $520,000, well below regional and Melbourne commuter-belt equivalents, making new supply a natural draw for investors and lifestyle buyers seeking proximity to employment, education and cultural venues like the Geelong Performing Arts Centre.

The tower's approval follows months of consultation with the City of Greater Geelong and local stakeholders. Conditions include a $2.1 million contribution towards CBD parking infrastructure—a contentious point given existing pressure on street parking around Johnstone Park and the waterfront precinct. The developer has committed to achieving a minimum 5-star sustainability rating.

The greenlight also reflects broader shifts in the region's appeal. Geelong's median property price has climbed to approximately $550,000 across all dwelling types, narrowing the gap with Melbourne's outer suburbs. The Surf Coast lifestyle market continues to absorb premium end-of-market buyers, while the CBD increasingly attracts professionals working in healthcare, advanced manufacturing and professional services clustered around Deakin University's Waurn Ponds campus.

Not all feedback has been uniformly positive. Heritage advocates raised concerns about the building's street frontage impact on nearby Victorian-era shopfronts, though planners deemed these manageable through detailed design conditions. Traffic modelling and EV charging infrastructure requirements have also been embedded in approval conditions, reflecting growing attention to transport and emissions outcomes.

Industry observers say the approval may catalyse further CBD investment. At least two other major sites—one adjoining the Library and Learning Centre, another near the Performing Arts Centre—are understood to be in early planning phases. Combined, these projects could deliver over 600 new dwellings to the CBD within five years, fundamentally reshaping the streetscape between Gheringhap and Brougham Streets.

This article was compiled by AI and screened before publishing. See our editorial standards.