Colac Otway Shire Council has appointed Colliers’ Jonathon Lumsden, Andrew Lewis and Edward Tansey,  to seek developers to purchase and develop a 4.2ha site at 36-52 Bruce Street Colac for residential use.

Developers are being invited to put their hands up to transform a significant parcel of land in the growing Victorian town of Colac for residential use.

Colac Otway Shire Council is seeking Expressions of Interest from developers with the qualifications, experience and capacity to purchase and develop a 4.2ha site at 36-52 Bruce Street, Colac for residential use. Council has appointed Colliers’ Jonathon Lumsden, Andrew Lewis and Edward Tansey to bring the property to market via a two-phase EOI campaign.

Mr Lumsden said the site was zoned General Residential Zone GRZ1 and adjoined, on its northern boundary, the closed Bruce Street municipal landfill site that operated between 1974 and 1997.

He said council was inviting submissions from developers of land in partnership with a home builder and/or Registered Housing Association/provider; home and land developers in partnership with a Registered Housing Association/Provider; or a Registered Housing Association/Provider.

“Colac is located less than two hours, or 150km, west of Melbourne and is linked by rail and a dual highway,” Mr Lumsden said. “The current population of Colac is 13,000 and is predicted to grow to 20,000 by 2050.

“The trade area served by the city currently sits at approximately 21,000 people and includes communities such as Apollo Bay, Birregurra, Beeac & Forrest. 36-52 Bruce Street, Colac is located adjacent to residential dwellings, Lake Colac and is within close proximity to the Colac CBD which is easily accessible from the Princes Highway.”

Agents expect the site will hold strong appeal to both local and national developers with an appetite for residential development in regional towns.

“These developers will be familiar with key drivers and current and future demand for Colac and the surrounds,” Mr Lumsden said. “The Colac Otway Shire Council will enter into discussions with registered potential purchasers to understand their proposed development plans and timelines, and upon reaching agreement will enter into a contract of sale. “

Mr Lewis said the site was a signifcant listing for the region, as the end deveopment would provide the area with affordable real estate compared to the blocks of land around Geelong and Armstrong Creek.

“This land is an opportunity to embrace the city-meets-country friendliness of Colac and still be an easy 45 minute communte to Geelong where residential values are soaring on the back of sprawling residential growth along the Armstrong Creek corridor,” he said.

“The demand for affordable blocks will be attractive to local and potential future residents and the future development will also be seen as a boost for the local enconomy with the use of local contractors and suppliers.”

Mr Lumsden said Colac continued to provide value for money residential real estate, with median prices over the past year sitting at $373,000 for houses and $320,000 for units.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.