Geelong child care centre offers city building block

16 Little Ryrie Street, Geelong, is on the market.

The substantial freehold property that’s home to an inner city childcare centre is being eyed off as a potential development site in Geelong.

Maxwell Collins, Geelong agent Nick Lord said the 1828sq m property at 16 Little Ryrie Street attracting national interest from buyers keen on the opportunities available on the site.

“The value and demand for the property is in its location and the footprint of the land,” Mr Lord said.

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The property is in a commercial precinct between office developments including Centrelink and the Australian Taxation Office.

Mr Lord said price hopes were above $5.5m.

He said interest has been mixed from long-term investors, developers and buyers seeking to land bank for future development.

“They know they’ve got a good landholding in CBD in Geelong with a lot of flexibility,” he said.

“Looking to find that type and size of land around Geelong is getting harder and harder. “That’s what’s driving the inquiry.

“There is flexibility in the site as about half contains a dwelling and half is open space which lends itself to future use for the right buyer.”

The property has an Activity Centre Schedule 1 zoning, a modern fit-out and 11 on-site car parks.

The expressions of interest campaign closes on May 20.

The campaign follows a $2.91m sale of a multi-storey building opposite at 15 Little Ryrie Street.

A Melbourne-based investor secured the city training base for not-for-profit disability, ageing and community service provider GenU offered a recurring income through a recently signed five-year lease, with an option for an additional years, providing an annual rent of $135,000, with fixed 3 per cent annual increases.