Geelong's Ritz Apartment Hotel has entered a new phase of construction, with a crane making its debut on the site.

It comes six months after ground was broken on the project, which is scheduled for completion by the end of next year.

Integrated Development Solutions Director Phillip Petch, whose company is responsible for the development, said it was a landmark moment for the Ritz.

"They have been doing so well with the construction, so seeing the crane go up is a real milestone," he said.

"It's all going very smoothly." 

The addition of a new apartment hotel could not come at a better time for Geelong, with new research showing the city's population is trending upwards.

The site of the Ritz development in Geelong. Source: Ritz Geelong

Data from Macroplan Dimasi indicates Geelong'ss population was 245,000 in 2017 – the year the Ritz site was purchased – and will be 271,000 by 2021, which is Ritz’ first year of trade.

The overnight visitation rates for the city have remained stable from 2017 to 2018 - sitting at approximately 1.5 million.

Mr Petch said the updated figures highlight the need for a new accommodation option.

Click here to view the Ritz website

"With a growing population and the overnight visitation remaining, there is a real urgency for high-end accommodation," he said.

Much of the discussion regarding Ritz has centred on its net rental yields, which are anticipated to be between 6-8 per cent after all expenses.

Mr Petch said investors still had the opportunity to be part of the project.

“We are in the final release stage of selling the apartments,” he said.

“Once people understand that 6-8 yields are being offered in a low-interest rate environment, where investment property loans can be had for as low as 3.5 per cent, they will have a hard time finding any downside to what is being offered.”

For more information, including the developer's final release of properties, visit the Ritz website.

To enquire about availabilities at the Ritz, email or phone Jim Chapman via the details provided below.

This is a sponsored article.

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