Buyers snapping up homes in Geelong 1 Apartment development

BY Tessa Hayward 
Geelong Advertiser September 23rd, 2016 11:24am

MORE than 15 homes in the controversial former St Mary's school site development have already sold, before the project has officially launched.

The Geelong 1 Apartment development's grand opening is on Saturday.

Castran Projects director Lachlan Castran said interest in the apartments already indicated the project was filling a void or niche int he market on both price and product.

"Something like this hasn't really been offered before in Geelong... the level of inquiry is unprecedented, it is very strong," Mr Castran said.

With the majority of apartments priced from $295,000 to $795,000, with two exceptions that are up to $1.3 million, and a central Geelong location, the development is attracting a mix of buyers.

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The development's grand opening is on Saturday


Mr Castran said local interest had been very strong from first-home buyers, to mum and dad investors, to down-sizers.

"The market... is more educated on what an apartment offers in Geelong," he said.

The development has 110 homes, with a variety of one, two and three-bedroom apartments, plus two four-bedroom penthouses.

Local identity Nadia Bartel is also involved in the project as a colour consultant in conjunction with Fenton and Fenton for furniture packages worth $11,000.

16023_Bellerine-St_CGI02_Streetscape_FinAn artist's impression of the apartments

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Artist impression of the interior of the apartments.

Mr Castran said the developer, Daryl Pelchen, also had a Geelong connection, after studying architecture at Deakin University.

Whitford, Newtown director Dale Whitford said the apartments were outstanding value. "It will be a bit of an iconic development in Geelong. It is taking it to another level," Mr Whitford said.

Construction on the development, located on the corner of Bellerine St and Little Myers St, is expected to start in the first quarter of 2017 and completed towards the end of 2018.

It was to be stage two of Common Equity Housing Ltd's St Mary's Terrace project, which was slated to include a mixture of social and private housing.

The change of use made headlines when it was revealed the social housing project would be replaced by a $50 million luxury residential development.

The Geelong 1 Apartments grand opening tomorrow is on site from 11am to 3pm.

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