Gross Waddell ICR is pleased to announce the successful sale of the 97 Hendy Street, Corio, post a hotly contested Expressions of Interest campaign. 

Danny Clark, Andrew Waddell and Glenn Ye handled the sale on behalf of the State Government which used to be home to the old Flinders Peak Secondary College. The campaign generated strong interest with close to 150 enquiries resulting in multiple offers being received from local, interstate and offshore developers. 

97 Hendy Street, Corio was sold for close to $12,000,000 and was spread across a sprawling 7.3 ha landholding, representing approximately $1,615,000 per ha.

The property was purchased by a Melbourne based developer who has experience within the Geelong region. Given the property had a yield study showing potential for 124 house lots (STCA), this experienced developer jumped at the opportunity and purchased the property unconditionally.

Danny Clark said “Whilst there are hurdles in the development sector, astute developers are amplifying their acquisition mandates in preparation for an improved market over 2025 and 2026.

Victoria is forecast to have a serious shortage of available dwellings over the coming years due to the continual immigration boom and planning constraints, hence developers are trying to fill their pipeline with strategic acquisitions.” 

“Given the size and scale of this infill development, it attracted significant interest from townhouse developers, house and land developers and also land lease/ retirement groups, as infill opportunities of this size are a rarity in today’s market,” said Glenn Ye.