Geelong: Restaurant push for key CBD building listed after 90 years
A prominent CBD building could become the latest addition to the expanding west end foodie precinct.
Lloyds Corner was purpose-built as a pharmacy in the 1930s and had been home to Geelong’s Popcultcha for a decade, but now has potential buyers considering reshaping its use for hospitality.
Maxwell Collins agent Don Hough said the two-storey building at the corner of Moorabool and Little Malop streets was listed after being owned by the same family for 90 years.
Mr Hough launched an expressions of interest campaign to sell the landmark at 124-128 Moorabool Street with price hopes above $2m.
He said 35 potential buyers had requested contracts, which was a good sign early in the campaign.
A number of potential buyers were looking at hospitality uses, such as a bar, craft beer hall or an up-market restaurant.
“There is potential for a high-end restaurateur coming into that location leading into the CBD and into that Little Malop Street precinct,” he said.
“Certainly we need a purchaser that would bring some imagination and some wherewithal as to what they can get out of the site, but I imagine certainly a high-end hospitality venue and that will complement the street.”
Most of the building’s 618sq m floorspace sits vacant, although the operators of Uncle Donut (at 100 Little Malop Street) has signed a new three-year lease.
Mr Hough said a demolition clause within the further option on the shop gave buyers the flexibility to plan for a long-term use.
“It has got a lot of character and polished floorboards and there is a significant underground storage area of about 160sq m which is not useful for anything apart from storage.
“When the pharmacy had it they used for compounding and the storage of their pharmaceutical products.
“I could certainly see a very good hospitality venue, an up-market restaurant with a beautiful wine list that would that as a cellar,” he said.
Mr Hough said the building was established after Benjamin Lloyd in 1935.
According to information provided by the family, Mr Lloyd selected the corner after walking up and down Moorabool Street to identify the perfect site.
Mr Hough said the $2m-plus price indications on the property was significantly cheap compared to Melbourne real estate.
“People recognise there is great value in commercial property in Geelong and are willing to spend enough to invest into a commercial enterprise to get a good return on their money.
I can certainly only see upside to it,” he said.