The short answer: Wilmac Corio's 12 warehouses have all sold, for more than $60 million in total. That points to strong demand for new, large warehouses with Geelong Ring Road exposure. It doesn't tell you what every Corio property is worth, so buyers of smaller units should look at evidence for their own size.
A sell-out tells you what happened to one product at one location. Your decision still comes down to comparable evidence.
What happened at Wilmac Corio
The result was reported in February 2026 by realcommercial and in a Knight Frank release.
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Location128-146 O'Briens Road, Corio, with immediate exposure to the Geelong Ring Road.
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Size12 warehouses totalling 22,577 sqm of gross floor area, each with more than 1,000 sqm of warehouse space.
3
DesignMarketed as a standalone design with independent services and a 195 sqm first-floor office, on Industrial 1 zoned land. 4
TimingA significant proportion sold before construction began, and the rest during construction or shortly after completion.
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Last saleA 1,749 sqm warehouse at 10 Industry Place sold for $4.2 million, or about $2,400 per sqm by our calculation.
Who bought
Both owner-occupiers and investors bought here. The reports don't give a split, so we can't say which group was larger.
Knight Frank said in March 2025 that several local owner-occupiers had bought, including Direct Freight, and that investors had also been active, with warehouses subsequently leased. The final warehouse went to a local investor, who was buying his second asset in the estate.
Reported occupiers include Harvey Norman, Ventia, Polyaire, Direct Freight, Stage II and Partington. Being an occupier doesn't mean that business owns its warehouse, as some are tenants.
What the rents show
Knight Frank reported rents of up to $180 per sqm, compared with rental rates starting from $150 per sqm in its March 2025 update. The project's marketers described this as a benchmark for Geelong, comparable to or above parts of metropolitan Melbourne.
Treat that figure with care. It's the top of the range for a new development, reported by the agents who sold it. It isn't an average for Corio, and the reports don't compare it with an average Geelong rent.
Why this location attracted buyers
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Geelong Ring RoadReports describe immediate Ring Road exposure as a major attraction for national occupiers.
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PrecinctThe estate sits in the Geelong Ring Road Employment Precinct, which its agents describe as Geelong's largest designated industrial precinct.
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Freight linksThe marketing also points to access to arterial roads, rail, Geelong Port and Avalon Airport.
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Limited comparable stockKnight Frank said it was the only regional project offering newly built warehouses of 1,000 sqm or more.
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Stamp dutyThe marketing mentions a potential 50 per cent concession for regional commercial and industrial property. Check current eligibility with your conveyancer.
Be clear on which market you're buying into. A 1,500 sqm warehouse and a 200 sqm unit attract different buyers.
What the sell-out doesn't tell you
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It doesn't cover every sizeThe evidence is about warehouses over 1,000 sqm. Smaller units have a different buyer pool.
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It doesn't prove a wider shortageKnight Frank said newly built large-format stock is in short supply in Geelong, but we didn't find published supply figures for Corio, Lara or North Geelong.
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It doesn't set your priceQuality, zoning, access and fit-out all differ between estates.
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Most of the information comes from the sellers' sideAgents and developers have a reason to present a strong result, so ask for evidence.
What to check if you're buying in Corio
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ZoningWilmac Corio is marketed as Industrial 1, while other estates can differ. Check that your intended use is allowed.
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Evidence for your sizeAsk for recent sales and leases of comparable units, not just the best result in the suburb.
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Own or leaseIf you're running a business, compare ownership costs with the rent you'd otherwise pay.
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Lease terms if you're investingCheck the tenant, lease length and rent reviews.
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Your routeDrive your regular routes to the Ring Road, port or customers at the times you'd actually use them.
Looking at smaller units in Corio
If a 1,000 sqm warehouse is more than you need, MODE Business Park Corio at 250-260 Bacchus Marsh Road has units from 153 m² to 284 m², zoned Commercial 2. It's a different size, zone and price point from Wilmac Corio, so judge it on its own evidence. You can also read who is buying warehouses in Corio.
What is your industrial property worth?
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Show me what's availableCommon questions
1
Is Wilmac Corio sold out?Yes. All 12 warehouses at 128-146 O'Briens Road have sold for more than $60 million in total, according to reports in February 2026.
2
Who bought at Wilmac Corio?Both owner-occupiers and investors, including Direct Freight and a local investor who bought two warehouses. The reports don't give a split.
3
What are industrial rents in Corio?Knight Frank reported rents of up to $180 per sqm at Wilmac Corio. That's the top of the range for one new development, not a Corio average.
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Does the sell-out mean Corio prices will rise?Not necessarily. It shows strong demand for one type of new warehouse, so check evidence for the size and type you're buying.
Fairmont Property Group did not sell Wilmac Corio. Sources: realcommercial, February 2026, Knight Frank via The Industrialist, February 2026, Knight Frank via The Industrialist, March 2025 and Darcy Jarman listing. This guide is general information only and is not financial advice.
Manny Singh
Director (OIEC), Fairmont Property Group
Fairmont only sells and leases industrial property across Melbourne's western corridor and Geelong. That focus is deliberate. It means we know the buyers who are active right now and what they are prepared to pay.
