Landmark Newtown eatery site to test buyers’ taste for property
The freehold property at 330 Pakington St, Newtown, is up for sale. The site is home to Winters Cafe. The business, which holds a long-term lease at the address, is not part of the sale.
The home of a Newtown hospitality institution has hit the market in a sale that will to test the strength of the suburb’s dominant shopping strip to draw big money.
The freehold title to Winters Cafe has been listed for sale as the owners look to cash in on the equity underpinning the prominent two-storey building at 330 Pakington St.
Buxton Newtown agent Tom Butters has scheduled the 222sq m property for auction on August 13, quoting $2.6m to $2.8m price expectations, plus GST.
RELATED: Private school’s $25m sports centre wins major building award
Barwon River cluster grows as Newtown milk site listed for sale
Geelong business park reaches next stage amid jobs boon
The owners of Winters Cafe hold a long-term lease at the address, expiring in January 2027, with two further five-year options.
The business is not part of the sale.
Mr Butters said the property offers a chance for new owners to secure a “set and forget” investment, leveraging the $83,000 annual rent, plus GST and outgoings from the net commercial lease.
The two-storey building is a mainstay of the shopping strip, set among other cafes, restaurants, boutique retailers and health services.
The location offers continuous foot traffic, high visibility, and unmatched commercial appeal, he said.
The freehold property earns an $83,000 annual rent, plus GST and outgoings.
The Newtown eatery is a popular cafe and function space.
The property offers 294sq m of floorspace, including an upper level with a private bar and a balcony. There is lane access for deliveries.
Mr Butters said the shopping strip has been undergoing generational change, with some of the little village stores making way for bigger names.
“But those cafes will remain,” he said.
“They’re great buildings and especially Winters has a pretty loyal following of people who love the cafe.”
Mr Butters expects a local buyer will acquire the property.
“I’d probably see it as a local buyer who understands the importance of Pakington St and the price that’s on offer there,” he said.
“You only have to walk up and down there on the weekend to get the feel for it.
“I think there’s enough people out there who will, especially in Geelong, see the value in good commercial real estate.
The property offers 294sq m of floorspace over two levels, including a balcony.
Newtown’s Pakington St shopping strip is a popular attraction in Geelong’s most expensive suburb.
“Especially in this river end village. It’s a rare holding and something to hold on to for the future.”
The property last sold for $1.26m in 2015, Cotality records show.
It comes to market as the Burnett family is selling the freehold interest in Newtown’s St Lords Hotel on West Fyans St, which is being offered with a long-term lease in place that spans up to 70 years, once options are included.
The expressions of interest campaign is due to close for the pub at 5-9 West Fyans St, and a car park opposite, and could fetch around $15m.
And Hamilton Group paid more than $32m for a landmark Pakington St woollen mill site with plans to reshape the vision for the precinct.
The most recent major transactions on the Pakington St, Newtown shopping strip have seen sales between $2.3m up to $3.5m in 2024 and 2023. A Geelong investor landed a dual tenanted property at 317 Pakington St for $2.295m last December, reflecting a 3.6 per cent yield.
