Diversitat sells Geelong base after Catholic tenants move in
Geelong not-for-profit support organisation Diversitat has sold its former city training base after securing three Catholic-run groups as long-term tenants.
The multicultural group, which had based its training arm in the funky city warehouse at 5 and 7-9 Ryan Place South, had put the properties on the market after relocating to a new facility in Vines Rd, Hamlyn Heights.
But interest in the property peaked once the Geelong Family Relationship Centre, presently in Myers St, CatholicCare (in McKillop St) and Centacare’s Geelong office (in Yarra St) signed a five-year lease to share the single site, which offers the organisations economies of scale.
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Colliers International, Geelong agent Andrew Lewis says buyers paid $2.65 million for the 904sqm site between Lt Ryrie St and Myers St.
Lewis says the sale price showed a 6% return.
Diversitat has sold its converted warehouse at 7-9 Ryan Place, Geelong.
The properties were passed in at auction in March, but interest spiked once the owners found a long-term tenant, Lewis says.
“Once we got a tenant in there it sold very quickly,” Lewis says.
“There is really strong demand across the marketplace for retail investments,” he says.
“So if you’ve got a good lease with a good tenant in a nice building you will sell it every day of the week.”
Diversitat bought the properties in 2012 for almost $1.35 million and engaged builder Laney Constructions to convert the warehouses into an office space.
Three Catholic-run support services will share the space.
The training HQ helped the builder take out the 2014 Master Builders Association of Victoria south west regional award for a commercial project worth less than $1 million.
Lewis says the original red brick warehouse is now a modern, functional office space perfectly positioned within the central business district.
The properties contain a building area of about 680sqm, with off-street parking for 10 cars also available.
The warehouse comprises three main open-plan o ffice spaces and seven individual office and meeting rooms.
A private school investment fund has purchased the property.
In its present layout, there is a reception area, two well-appointed kitchens, a staff break-out area, ample storage space and staff amenities.
Disabled access throughout the building starts with a lift to the reception area.
Significant natural light permeates the building through new and existing skylights installed in the gabled roof.
This article from the Geelong Advertiser originally appeared as “Diversitat sells Geelong base after Catholic support services take up lease to share new home”.
