Work has finally begun on a major $300 million redevelopment of a former woolstore near Geelong's waterfront, marking a significant step forward for one of the city's major property and urban renewal projects.

The development has been in planning for more than four years and is expected to transform the former industrial site into a new mixed-use precinct. The project will include hotel and apartment components and is intended to contribute to the continuing redevelopment of Geelong's waterfront area.

Early works are now underway at the site, signalling that the long-awaited project is moving from planning into construction. The development is expected to create new accommodation and residential opportunities while adding another major project to Geelong's expanding city centre.

The former woolstore is located close to Geelong's waterfront, an area that has undergone substantial redevelopment over recent decades. The precinct has become one of the city's most recognisable areas for tourism, hospitality, residential development and public spaces.

The $300 million investment represents a significant commitment to Geelong's future growth. Large developments of this scale can provide employment during construction and create additional economic activity once completed through new residents, hotel guests, visitors and businesses.

The project is also expected to contribute to the city's changing skyline. Geelong has been experiencing increased development activity as population growth and investment continue to reshape the regional Victorian city.

The redevelopment of former industrial properties can provide an opportunity to bring underused sites back into productive use. Instead of leaving large buildings or parcels of land vacant, projects such as the woolstore transformation can create new accommodation and residential spaces close to existing city facilities.

For Geelong, proximity to the waterfront is likely to be one of the project's major attractions. The waterfront precinct already includes restaurants, public spaces, accommodation and recreational areas, making it a significant destination for both residents and visitors.

The development has taken several years to progress, meaning the start of early works is an important milestone for the project. Previous delays and planning issues had kept the site from moving into full construction, but the latest development indicates that the project is now progressing.

Once completed, the hotel component is expected to increase the city's accommodation capacity, while the apartments will provide additional housing close to central Geelong. The combination of residential and tourism uses is designed to create a more active precinct throughout the day and evening.

The project comes at a time when Geelong is positioning itself as a major regional city with increasing investment in housing, transport, tourism and employment. Major developments can support this transition by providing new buildings and facilities while revitalising older parts of the city.

Construction activity will continue to be monitored as the project progresses. Further details about construction stages, completion dates and the final mix of hotel and apartment spaces are expected to emerge as work advances.

The story was published today, 8 August 2026, and is a new, unique Geelong development story, separate from the homelessness and AFL stories already sent.