Preston lingerie warehouse finds admirers at auction
A Preston landmark once famous for its undies but left bare has sold under the hammer.
The 930sq m warehouse at 283-291 Gilbert Rd was home to George’s Lingerie for about thirty years.
After business owner George Avtzoglou retired, the business closed in 2018 and the property was placed on the market.
Commercial Insights: Subscribe to receive the latest news and updates
With more than brief community interest, it sold at auction for over $2 million, which was about what the vendor had been hoping for.
It’s understood the new owners will also operate a business from there.
Langwell Harper agent Arthur Korf says the buyers are owner occupiers looking to convert the warehouse for their own use.
“It was a competitive auction with lots of genuine interest,” Korf says.
“George was very happy to see the property move on to a family who will occupy it rather than an investor.”
The warehouse is located on three titles and has potential to be used for mixed-use, residential and commercial purposes.
There is 23m of street frontage facing Gilbert Rd and laneways running along the side and rear of the property.
It is close to Bell and High streets and about 10km from the CBD.
Korf says the sale represents the end of an era.
“Everyone knew George’s Lingerie and would buy their underwear and garments there,” Korf says.
“And George was there for 29 years, from memory.
“A lot of people are really curious as to what the next stage will be.”
CoreLogic data shows the property last sold for $280,000 in May 1996.