City buyer pounces at rare Geelong retail strip auction
A Melbourne investor has pounced on a vacant property in Geelong’s main retail street, metres from the Westfield shopping centre.
The buyer emerged at the auction to secure the vacant retail investment at 79-81 Malop St for $2.525m at an auction last week.
Colliers agents Ben Young and Chris Nanni and Fitzroys Chris Kombi and Lewis Waddell handled the sale of the 320sq m property that until recently was leased to big four bank, NAB.
Mr Young said the agents anticipated the asset would attract a lot of interest.
“It is not often a property nestled within Geelong’s retail core precinct come up for sale,” he said.
“The sale reinforces great confidence in Geelong CBD and well-located properties even if they are vacant.
“It demonstrates that Geelong is still got plenty of potential growth to come.
“There is plenty of room for the Geelong CBD and there is still confident in the market in Geelong.”
Auctioneer David Bourke opened the auction on a $2m vendor bid, before competing with an initial bidder until the price reached $2.25m.
After taking a break to consult with the long-term vendors, a second bidder accelerated the pace of competition as the price raced towards it conclusion.
The 320sq m property was purchased with vacant possession and sits on a 498sq m Activity Centre zoned land parcel, presenting a rare opportunity for future value-add and development under the new Geelong Framework Plan.
Geelong’s “retail core” precinct comprises many retail, service and hospitality venues in an area that prioritises pedestrian amenities and activity, including the city’s green spine.
“As part of the city’s transformation, Geelong CBD’s traditional, fine-grain shop fronts are expected to be complemented by shopping centres that transform into externally focused, accessible, mixed-use environments,” Colliers agent Chris Nanni said.
“Geelong’s potential as a vibrant and thriving city is undeniable, with central Geelong at its heart providing a centralised hub for services, transportation, and commerce which will further support more tourism and enhance lifestyle opportunities.”