Geelong sale earns lasting legacy for veterans charity
THE organisation supporting widows and dependants of deceased and incapacitated ex-service men and women is searching for a new home Geelong after a windfall from the sale of its Ryrie Street headquarters.
Geelong’s Legacy Club has earned a windfall from the sale of its Ryrie Street headquarters of more than 70 years.
The club signed contracts with buyers for the property last week after an expressions of interest campaign.
Darcy Jarman, Newtown agent Tim Darcy said the campaign drew more than 55 inquiries which generated six formal offers for the 822sq m property at 180-182 Ryrie St.
Mr Darcy wouldn’t disclose the price, but confirmed it was above the $2.25 million to $2.5 million range quoted during the campaign.
He said a Geelong investor/developer had secured the property.
The strong interest from local and external buyers demonstrated confidence in the commercial sector in Geelong.
“There’s a deep level of interest in the Geelong region at the moment,” he said.
“In particular the property where people fundamentally saw some good future value in respect to ultimately reposition it once Legacy transition into an alternative property.
“There is a lot of land, a lot of building and the two street frontages provides a heap of flexibility as well.
“Clearly all the parties that partook at the end saw an opportunity there to value add and were probably prepared to push themselves further than the range that we had been quoting.”
Mr Darcy said the buyers are expected to maintain and improve the property in the short term and may reposition it with some additional redevelopment at some point in time.
Legacy, which supports widows and dependants of deceased and incapacitated ex-service men and women in Geelong is searching for a new home.
The sale included a two-year leaseback arrangement, giving the charity time to acquire a suitable new home.
Murray House has been Geelong Legacy’s home since 1946. The club was founded in 1925.
The property was donated by Miss Florence Craig in tribute to her nephew, Australian commando Norman Murray who died in service in 1942.