Geelong council moves to recover $4.1m spent on Belchers Corner
Two years after the owners agreed to sell the Ryrie Street corner site, it remains unsold, and the City of Greater Geelong is exploring a charge on the title for what it has spent.
The City of Greater Geelong is exploring a special rates and charge to make the $4.1 million it has spent on Belchers Corner a secured debt on the title, Real Commercial reported on 19 October 2026.
Mayor Stretch Kontelj told the outlet the council had moved to become a secured creditor for money spent to stabilise, monitor and demolish the building. The council ordered the landmark corner building at Ryrie and Moorabool streets demolished in 2019 after concrete cancer was found.
Kontelj said that in the past two years no proposal had come to council from the owner group with a plan to redevelop or move the site on. He said the council still wants the site redeveloped and would be open to a development proposal.
Why it matters
A secured debt on the title changes the arithmetic for any buyer. The council’s $4.1 million outlay would sit against the land, not just against the current owners. For anyone looking at stalled central Geelong sites, that is a cost to price in on top of the purchase.
The owners say interest has not dried up. Owners corporation member Leighanne Michelle said the group still receives inquiries from potential developers and remains a willing seller. She said early interest was strong, but other Geelong properties on the market at the time were easier to buy.
The numbers
The site covers 1,081 sqm and still holds two buildings. The owners agreed unanimously in 2024 to sell, and LAWD directors Paul Callanan and Lukas Bynes took it to market. The agents no longer act for the property, though LAWD still helps field developer queries. Michelle said a buyer was found at one stage, but a sale of around $5.5 million fell through.
What’s next
The council has not published a figure or timeline for the special rates and charge, and the report described it as a prospect being explored. The owners told Real Commercial they plan visible improvements to the site over the coming months and hope demand picks up in 2027.
Kontelj also linked the site’s prospects to a redeveloped Market Square, a relocated bus interchange and his push for a CBD special economic zone. He said a feasibility gap is holding back CBD projects that already hold permits, including the approved but stalled Cunningham Place development.
He described Belchers Corner as prime real estate. In his view, moving the bus interchange and turning Moorabool Street into a retail and hospitality precinct would put the corner at the centre of Geelong’s best shopping strip.
Kontelj said he has been pointing developers towards Cunningham Place because a permit has been issued there. He argued that state and federal backing for a special economic zone would make such sites attractive to develop again.
For the owners, the immediate goal is visibility. Michelle has circulated AI-generated images showing how a redevelopment could transform the corner, and the group wants the market to know it is still looking for a buyer.
The site’s pressures are not isolated in the region. Geelong-based subcontractors have also featured in recent insolvency notices, including Geelong Interior Linings in this month’s Victorian trades roundup.