Balmoral Quay transforming Geelong's waterfront
Construction has started on the second stage of the Geelong waterfront’s transformative $100 million Balmoral Quay development at Rippleside.
Appointed builder Kane Constructions will employ more than 400 people on the luxury townhouse and apartment project, which is spearheading a sophisticated renewal of Geelong’s under-utilised bayside assets.
With a stark price differential to Melbourne and Sydney waterside properties, Balmoral Quay has been snapped up by buyers with the first stage already reflecting strong capital growth.
Development manager Theo Axarlis, of Gersh Development Services, said the second stage will feature 23 townhouses and apartments, 15 with spectacular absolute water frontage, others with water views and rooftop vistas.
“This is an exciting project not just for us but for Geelong,” Mr Axarlis said.
“The full scope of Balmoral Quay and its magnificent waterside lifestyle will start to become much more apparent as stage two takes shape.”
“With its first-class private boutique marina as well, this is a great addition to Geelong’s market confidence, its investment and its tourism imperatives.”
“It will transform this beautiful bayside, quite literally, and it will open a great many eyes to just what Geelong really has to offer.”
“We look forward to working with the local team at Kane to deliver the building excellence that they are known for in the market place.”
Mr Axarlis said the Balmoral promenade walkway would be managed to seek to maximise public access during stage two construction, as per agreement with the local community.
Stage two residences feature large open-plan living spaces, elegant façades, quality finishes and appliances, stone, terrazzo tiles and timber floorboards. Darker brickwork and timber panelling will contrast the project’s 20 lighter-toned first-stage residences.
Sited on 2.7 hectares of prime water’s-edge land, Balmoral Quay will ultimately host over 100 waterfront residences and up to 180 marina berths, re-imagining bayside city living in Geelong. Stage two properties have been sold while stages three and four are set for release in the near future.
Residents will enjoy sweeping views of idyllic Corio Bay and the Geelong CBD skyline, a broad promenade with ready access to Rippleside Park and the soon-to-be rejuvenated St Helens swimming beach on the doorstep.
The city centre is within comfortable walking distance along the Western Beach foreshore currently being upgraded with new pathways, tables and chairs.
Selling agent Jim Cross, of McGrath Geelong, said Balmoral Quay buyer interest reflected “a real cultural shift in the way people outside Geelong are now viewing the city”.
“Offering a vibrant coastal culture and increasing CBD vibe, Geelong is now a real alternative for people looking to relocate from Melbourne, Sydney and regional areas of Australia,” he said.
“Affordability and lifestyle have always been motivating factors for buyers looking to secure property in Geelong. However, most recently, feedback from capital city buyers is they are also looking for liveability.
“This increased love of the Geelong waterfront has perpetuated over the last two years, creating increased demand for luxury, low-maintenance dwellings.
“This has resulted in increasing numbers of dwellings selling in the $1 million to $2.5 million plus range.”
Mr Cross said that contrary to falling prices in Melbourne and Sydney property markets over the last year, Geelong was still performing well – and showing some of the highest capital growth, and population growth, in the country.
“Given our geographical location offering commutability to Melbourne and proximity to the Bellarine and Surf Coast – and increased white collar employment – I believe the Geelong property market is only just scratching the surface of its full potential.”
Stage two construction is expected to be completed by mid-2020. Stages three and four, including a mix of two and three bedroom townhouses and three bedroom apartments, along with the opportunity to purchase a marina berth, will be released shortly.
Balmoral Quay is being developed by the Melbourne-based Balmoral Quay Pty Ltd (BQ). BQ is a joint venture between Supalai Public Company Limited, a Thai S.E.T. Listed Development Company (represented in Australia by Gersh Investment Partners Limited), Chase Properties and Serafini Hay.
PHOTO: Balmoral Quay development team and investors.