Geelong landmarks snapped up as buyers see city’s prosperous future
THE days for the last remaining house on a Geelong CBD street appear to be numbered after it was sold as a development opportunity last week.
A local buyer has snapped up the weatherboard house at 88 Brougham Street after an expressions of interest campaign.
Darcy Jarman, Newtown agent Tim Darcy described the buyer as an owner occupier-developer.
He said nine formal offers were submitted for the 431sq m property between Yarra and Bellerine Streets.
“It invoked broad interest from a raft of parties,” he said.
“Not only local but also external parties from the Melbourne and Sydney market.”
Mr Darcy said it was a rare property, given its location opposite Transvaal Square.
“We’re talking about the only property anywhere on Brougham Street of a residential nature, other than apartment buildings,” he said.
“It was freehold land, with uninterrupted view across parkland to Corio Bay.”
Mr Darcy said the Activity Centre zoning presented development scope to the buyers, with the additional access to the rear adding another dynamic.
Meanwhile a Melbourne investor has added a multistorey Geelong office building to his portfolio.
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.
The property at 15 Little Ryrie Street, Geelong sold for $2.91m at auction.
“They were seeking a passive investment, something that might provide some a strong recurring income,” Mr Darcy said.
“He very much perceived Geelong as a prosperous market and a reason to invest their money in.”
Mr Darcy said the property attracted 70 direct inquiries during the campaign.
“That’s a strong response. We’ve got a property at the moment in High St, Belmont attracting similar response.
“I think Geelong is very much perceived as a prosperous market,” he said.
Mr Darcy said there had always been people prepared to invest in commercial property in Geelong, but that demand was heightened by the disruption experienced in Melbourne through the coronavirus pandemic which has placed additional focus on regional areas.
He said commentary around worsening returns for bank investments had turned people to real estate.
“We’ve always had people who are prepared to invest money in Geelong.
“But it was further heightened by the period of disruption that Melbourne has been through.
Additional focus in regional areas, none more so than Geelong.
“People are looking for a good grade of property, good areas.”