Geelong Quarter's Ryrie Home nears sell-out as completion approaches
The decision to buy the site of Geelong Quarter at 44 Ryrie Street back in 2017 was flagged as crazy by many, with Franze Developments Founder, Paul Franze, labelled “mad” even.
Now with 111 out of 124 apartments sold, including all 15 luxury residences, in the group’s twin-tower Geelong Quarter project, Franze has silenced the critics.
"If I remember back in 2017 when we were first offered the site. We had no idea at the time it would lead to us building the 1st Hotel in the city for some 20 plus years and the biggest private and largest mixed-use development in Geelong. Yet we had vision and we saw how Geelong was growing fast," Franze said.
The group also secured British hotel giant IHG Hotels & Resorts and its Holiday Inn brand as the operator for the project’s 180-room hotel, the first new accommodation offering in the city for over 20 years.
It’s been a long five years, with a pandemic in between, with the 15-level project topping out last month.
On the site of a former bus depot, the $200 million project has paved the way for developers, realising the potential of the state’s second city, which is only set to continue to develop.
As one of the biggest private sector developments in the bayside city, Geelong Quarter has launched a renaissance in the area, with the momentum of buyers looking to live outside the CBD only growing.
Geelong’s proximity to some of the best surf beaches in the world, not to mention being home to a resurgent Geelong Cats team, have all added further gloss to the booming regional centre, Franze said.
“More than five million visitors come to Geelong annually, 45 per cent of which are overnight stays. The strong owner-occupier market, combined with the population boom, means there’s demand to cater for visitors to the city, as well as residents and workers. The Geelong Quarter has been designed with this in mind, to cultivate significant activity that will add incredible value to the city." he said.
Both the apartments and the hotel will further embed Geelong’s rising status, with the population expected to increase by 124,000 between now and 2041, along with being a popular tourist destination.
On the residential side, plans by the City of Greater Geelong to quadruple the Geelong CBD residential population to more than 10,000 by 2030 is expected to drive demand for around 2500 apartments, while its liveability status has only been enhanced by the work-from-home trend.
Deputy Mayor Trent Sullivan said Central Geelong’s population is growing faster than the broader municipality.
“Geelong Quarter will not only attract new residents, but also lift the standard of accommodation for visitors keen to explore the city,” he said.
“This development is a great indication of the level of activity and investment the area is experiencing, as more people learn why Central Geelong is an attractive place to live, work and socialise.”
Further tipping the scales in the move to Geelong comes with the Port of Geelong, which will soon be the sailing point for the Spirit of Tasmania, as well as the $140 million redevelopment of the Geelong Arts Centre, which is situated across the road from Geelong Quarter.
The Franze vision was to create a new gateway site at the south-western end of Ryrie Street, but also create a new link between the CBD, the cultural precinct and the bay.
"I suppose in life nothing comes easy and this development is a true reflection of this, we initially set out on developing a hotel, office and mixed use development, then Covid hit and we quickly realised that trying to development and spec 9000 sqm office building with no tenants was going to be a monumental task, so we altered our direction and subsequent permit to what you see here today, the largest mixed use development in Geelong,” Franze said.
Residents of the apartments in Geelong Quarter can expect to move in before the year’s out, while the hotel is expected to open its doors by late January.
The final collection of residences in Geelong Quarter are currently selling, with only 13 remaining in Ryrie Home.
Ryrie Home features a collection of 109 one, two and three-bedroom apartments that benefit from a Rooftop Residents terrace with BBQ and northern bay views.
Residents will also benefit from room service, housekeeping, a swimming pool, business centre, flexible meeting, and function spaces, all atop the newly built hotel.
RPM Sales Director, Nic Cuni, said he had been fielding a flurry of enquiries post the final siren.
"There's been a number of calls from people who had been flirting with the idea of buying an apartment at Ryrie Home. With only 13 apartments remaining and all larger owner-occupier north facing, I'm expecting the footy hype will flow over into solid deals."
