Developers win out as 1920s Geelong brick warehouse sells

Developers have snapped up one of the last original 1920s Geelong red brick warehouses at a three-cornered auction contest.

The 442sqm warehouse at 2 Market St sold for $1.805 million at auction.

Geelong developers Mark and Mike Biscan secured the property after stepping into the auction late in the piece.

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Mark Biscan told the Advertiser there were no immediate plans for the 593sqm property, which has a 38m frontage to Market St, although a development would eventually be planned for the site.

Biscan Developments has completed a number of medium density residential developments in the immediate neighbourhood in recent years.

One of the last original 1920s Geelong Red brick warehouses at 2 Market St, Geelong sold for $1.805 million.

Three buyers participated in the auction, which opened on a bold $1.5 million bid.

The Biscans entered the competition when the price hit $1.79 million.

Darcy Jarman, Geelong West agent Tim Darcy says although three competed in the auction, the level of the opening bids quickly eliminated other potential bidders in the crowd.

One of the last original 1920s Geelong Red brick warehouses at 2 Market St, Geelong sold for $1.805 million.

“It was a pretty bold opening bid at $1.5 million. When you’ve got three parties bidding at the same level, it’s a fairly strong indication of the price and clearly the offering was well received,” he says.

An old Owen Crowl & Co sign remains above the sliding doors on the warehouse.

“There’s not that many sort of 1920s red brick warehouses. That’s the third one we’ve been involved with in the past four years,” he says.

One of the last original 1920s Geelong Red brick warehouses at 2 Market St, Geelong sold for $1.805 million.

“They are very rare, most have already been converted and there are none that are sitting idle.”

Darcy says the main attraction to the warehouse is its 600sqm city fringe footprint with an Activity Centre zoning.

One of the last original 1920s Geelong Red brick warehouses at 2 Market St, Geelong sold for $1.805 million.

He says the property is an ideal development site, with planning rules allowing a high-rise proposal.

This article from the Geelong Advertiser originally appeared as “Rare old Geelong red brick warehouse sells at auction as developers circle”.