A MELBOURNE investor is expected to go to council to reactivate development plans previously approved for Geelong business identify Michael King after securing the site recently.
The buyer paid $2.03 million for the 8012sq m site at 12-20 Fairbairn Drive, CoreLogic records revealed this week.
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The price was significantly below the initial $2.8 million to $3.1 million expectations for the property being sold by Mr King, who is also director of Kings Funerals and a former mayoral candidate.
Harcourts, North Geelong agent Joe Grgic said the property’s previous owner had a permit for a 4000sq m medical and bulky goods retail development on the site, which had since lapsed.
The property neighbours Corio’s Aldi supermarket on Broderick Rd and is part of a precinct including the Geelong Gate homemaker centre on Princes Highway.
“I believe the purchase is wanting to go back to council and reactivate those plans,” Mr Grgic said.
The property is also close to a planned 103 home estate that borders Broderick Rd and Geelong Ring Road.
Bisinella Developments opened expressions of interest for homebuyers who want to register for land in the new Wattle Estate at Corio in November.