Wilmac Corio, a large-scale industrial development, has sold out for more than $60m.
A premium industrial warehouse development in Geelong’s north has marked a big milestone after fully selling out for more than $60m.
A prominent local investor secured the last warehouse at the now completed Wilmac Corio commercial hub off O’Briens Rd.
He paid $4.2m for the 1749sq m premises at 10 Industry Place, Corio, which is his second asset in the complex.
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The Wilmac Corio development, at 128-146 O’Briens Rd, Corio, is now complete.
Blue-chip national occupants and high-performing Geelong businesses, including Harvey Norman, clothing company Stage II, Polyaire, Ventia, Direct Freight and bicycle technology start-up Partington, are among occupants at the large-scale development.
A significant proportion of the 12 warehouses were sold prior to construction, with the rest transacting during construction or just after completion.
Knight Frank and Geelong agency Darcy Jarman marketed the project on behalf of Victorian-based developer Wilmac.
With rents achieved at up to $180 per square metre, the proponents said the pricing represented a benchmark for Geelong, achieving rates that were comparable to, and even exceeding Melbourne, in some cases.
Knight Frank’s Steve Jones said the demand reflected the development’s quality and the current strength of Geelong’s industrial market.
The project delivered warehouse complexes with more than 1000sq m of industrial floorspace, plus mezzanine office facilities.
“Geelong is attracting industrial users due to its relative affordability and accessibility, but Wilmac Corio really set a new benchmark for industrial property in the region,” he said.
“It was the only industrial project in the region offering newly built warehouses of 1000sq m or more – stock that is in high demand and short supply – but the calibre of the development was also a drawcard.”
Immediate exposure to the Geelong Ring Road was a major attraction for many national occupiers eyeing a strategic position.
They also secured access to premium office amenities, hardstand and loading areas and good parking.
Partington CC founder Jon Partington (middle), pictured with his team, has relocated to Wilmac Corio. Picture: Supplied
It was Wilmac’s second project in Geelong, following the 2021 sellout of a 70-lot industrial estate in Breakwater.
Wilmac director Angus McQueen said the project was conceived in response to a clear gap in the Geelong market for large-format, premium industrial accommodation.
The developer now turns it attention to expanding its pipeline of work across Victoria.
“We are actively seeking new industrial-led development opportunities across metropolitan and regional Victoria, including infill industrial sites and raw or under-utilised land,” Mr McQueen said.