After years of stagnation in the Geelong hotel sector, Victoria's second city will soon welcome a new hotel as Franzé Developments unveils its intentions to turn a Geelong CBD site into new short stay accommodation.
Acquired for $7 million and spanning 2,700sqm, the site located at 44 Ryrie Street was purchased off market. The development is expected to respond to strong demand for serviced apartments, hotel rooms and high quality office space within Geelong; the city is currently experiencing a boon in office development with a string of commercial projects either proposed or at construction.
With 44 Ryrie Street in its keeping, Franzé Developments is now in discussions with both local and state authorities with an eye toward submitting plans by August of this year.
The envisaged result is a substantial $200 million mixed-use development consisting of 1,000sqm of ground floor retail, 5,000sqm of office space, 90 serviced apartments and a 200 suite hotel.
The new 44 Ryrie Street will supersede previous plans for the site which revolved around an environmentally sustainable commercial development of 13,466sqm which would have counted itself as being one of the nation’s first WELL rated buildings, whilst also carrying a 6 Star Green Star and 5 Star Base Building NABERS Energy Rating.
Statistics garnered via the Greater Geelong and The Bellarine Tourism Development Plan Summary 2016 indicate a need of between 1,400 and 2,500 guest rooms required to support Geelong’s projected growth over the next 15 years.
According to the developer, several major hotel groups are in discussions in order to account for both the serviced apartment and hotel component. The latter can expect to be a in the 4 to 4.5 star range and will go some way to absorbing future anticipated needs for short term accommodation in Geelong.
We are committed to delivering exceptional projects across a variety of sectors and we are looking forward to creating a genuine mixed-use project in Geelong, which is a new market for us.
Geelong continues to grow and evolve and currently attracts 2.2 million overnight visitors annually, which means there is a gap between supply and demand across the region. Our Ryrie Street project will be the coastal city’s first hotel in almost 20 years, since Four Points Sheraton Geelong in 2011, rebranded the Novotel Geelong in 2014.Paul Franzé, Founder and Managing Director of Franzé Developments
Franzé Developments have chosen Architectus to deliver the building's design, with a view toward commencing construction late next year.
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