Franzé Developments has purchased a development site in Geelong’s CBD, which will be used to build the first new hotel in the city in 20 years.
The development site will respond to strong demand for serviced apartments, hotel rooms and high quality office space in Geelong, as the city develops into the region’s epicentre for retail, tourism and employment.
Located at 44 Ryrie Street, the 2,700 square metre site was purchased from a local Geelong investor and chosen for its central location.
Franzé Developments is working collaboratively with local and state government to submit plans to City of Greater Geelong by August 2017 for a $200 million mixed-use project comprising approximately 1,000 square meters ground floor retail, 5,000 square metres office space, serviced apartments totalling 90 rooms and a 200 bed hotel.
Franzé Developments is currently in discussions with several major hotel groups regarding the management rights for the serviced apartments and hotel, both of which will be in the 4 to 4.5 star range. The extra 290 rooms will be a much needed addition to the local accommodation market with between 1,400 and 2,500 guest rooms required to support Geelong’s projected growth over the next 15 years .