Pakington St site to test value of urban development framework
An urban design framework to guide the future development of Pakington St is set to boost the potential of a key commercial site on retail strip.
The 839sq m property at 84-86 Pakington St, Geelong West, is being offered because the owner is retiring and is in the process of winding up operations at Geelong Blinds, Maxwell Collins agent Paul Whyte said.
The two-storey building was purpose-built for the blind manufacturer and retailer and offers new owners flexibility in considering the various futures of the site, he said.
The property includes the building — with 360sq m floorspace including a showroom at the front and double-storey manufacturing facility behind, occupying one lot, a customer car park on the second lot.
“We think it provides a fair bit of flexibility because somebody can use the building as is and obviously the off-street car park is a bonus,” Mr Whyte said.
“Or they might redevelop the whole thing or redevelop the building and put offices across the top and off-street parking underneath.”
The interim final Pakington St and Gordon Ave Urban Development Frameworks sets future height limits along that section of Pakington St to four storeys.
Price hopes are in high $2 million range when it goes to auction on August 27, Mr Whyte said.
“We think it suits developers or somebody who is happy to renovate it to be offices or for allied health,” Mr Whyte said.
“The fact you’ve got the carparking for clients or staff is a big drawcard because there is not much of it around there.”
Meanwhile, a tenanted investment with the sought-after medical covenant is scheduled to auction this Thursday.
The 590sq m property at 243 Pakington St, Newtown, is leased to Pakington Dental Care on an agreement scheduled to expire in October, 2023
The lease generates a $76,000 annual rental income.
Darcy Jarman, Newtown agent Tim Darcy said the tenant had operated from the premises for about 15 years.
“It’s an ideal proposition for an investor where they could buy it and deal with the recurring income from the medical covenant.
“Alternatively, it does provide the opportunity to buy it with a view to occupy with a similar type of scenario,” he said.
Mr Darcy said price hopes were $1.5 million to $1.5 million.
“Medical assets are rare at the moment, let alone assets with that strength of covenant in a premier suburb like Newtown.”
The auction is scheduled to be called on August 19 at noon.