38-40 Mercer Street, Geelong, VIC 3220 | Commercial for sale | OnTheHouse
 
FOR SALE
$8,500,000

38-40 Mercer Street
Geelong VIC 3220

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 1100m2
Land area: 1616m2
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Prime Development Opportunity with Holding Income

An exceptional opportunity to secure a high-profile development site in the heart of the Geelong CBD, offering holding income while you plan its future potential. Leased for five years from 1 October 2023 (with no further options), the property provides flexibility and income security during the early planning phases.
Occupying 1,616 sqm approx. of Activity Centre Zoned land, the site includes an existing 1,100 sqm approx. building and benefits from a preferred building height of up to 60 metres - unlocking the potential for breathtaking views across Corio Bay and the wider Geelong region.
38–40 Mercer Street is a rare chance to secure a significant CBD holding with both income and immense future potential.
• Total land of 1,616 sqm approx. with existing 1,100 sqm approx. building
• Secure 5-year lease commenced 1 October 2023 (no options)
• Activity Centre Zoning with preferred height limit of 60m^
• Scope for multiple development outcomes (STCA)
• Elevated outlook with expansive Corio Bay and city views
• Close proximity to Geelong Train Station, Westfield Shopping Centre, and key cultural and commercial precincts
• Surrounded by major infrastructure and development projects, including the Geelong Convention and Exhibition Centre and port upgrades
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Property Details for 38-40 Mercer St, Geelong

Building Type
Commercial
Floor Size
1100m2
Land Size
1616m2
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About Geelong 3220

The size of Geelong is approximately 3.3 square kilometres. It has 17 parks covering nearly 8.9% of total area. The population of Geelong in 2016 was 5210 people. By 2021 the population was 5811 showing a population growth of 11.5% in the area during that time. The predominant age group in Geelong is 20-29 years. Households in Geelong are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Geelong work in a professional occupation.In 2021, 53.60% of the homes in Geelong were owner-occupied compared with 54.00% in 2016.

Geelong has 6,469 properties. Over the last 5 years, Houses in Geelong have seen a 19.64% increase in median value, while Units have seen a 8.47% increase. As at 30 November 2025:

  • The median value for Houses in Geelong is $868,712 while the median value for Units is $654,991.
  • Houses have a median rent of $525 while Units have a median rent of $500.
There are currently 36 properties listed for sale, and 17 properties listed for rent in Geelong on OnTheHouse. According to Cotality's data, 184 properties were sold in the past 12 months in Geelong.

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Jim Cross
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McGrath Geelong | Newtown
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