$1Bn Vision to Rejuvenate Geelong Market Square
The Committee for Geelong has unveiled an ambitious $1 billion vision to transform the Market Square site from a declining retail hub into a dynamic urban precinct featuring residential apartments, public green spaces, and a revitalised retail offering.
The proposal centres on demolishing the ageing shopping centre while preserving and refurbishing key heritage buildings and the historic clock tower along Moorabool, Malop, and Little Malop streets.
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A new 5000sq m public green space is planned to host weekend markets and live events, seamlessly extending the popular Little Malop Street dining precinct across Moorabool Street.
A high-rise apartment tower is also proposed for the site’s existing carpark, delivering over 300 residential apartments alongside carparking and mixed-use spaces. This addition aims to address Central Geelong’s housing needs while attracting new investment into the CBD.
Committee for Geelong chief executive Michael Johnston described the vision as “bold and ambitious,” positioning it as a “circuit breaker” capable of unlocking over $1 billion in economic investment. The redevelopment concept was shaped with input from planning and design experts Tract Consultants, WT Partnership, and Preston Rowe Paterson.
The project’s success will depend on collaboration between private and public stakeholders. City of Greater Geelong Mayor Stretch Kontelj has reopened discussions with the site’s Singapore-based owners, Davinski Nominees, who purchased Market Square from the council for $32 million in 1996. Given the scale of the redevelopment, Kontelj noted that a public-private partnership, involving all levels of government alongside a development partner, would likely be required to bring the vision to life.
The proposal comes as part of broader efforts to revitalise Geelong’s CBD. Tract Consultants senior principal Simon Loader described the vision as “a place where our past and future meet—an urban park that honours our history, enriches our present, and welcomes generations to come.”
Market Square’s decline in recent years has seen many retailers relocate, leaving just three stores operating on its upper level. Johnston emphasised that while the current owners may choose to embrace the redevelopment, other interested parties could also take the project forward.
With the City of Greater Geelong’s draft masterplan for the area already in circulation, discussions are set to continue as stakeholders explore the feasibility of transforming Market Square into a thriving urban destination.
Images via The Urban Developer
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