Prime cuts on block at popular Geelong West, Eest retail strips
Opportunities in Geelong’s most popular suburban shopping villages do not come along that often for commercial property buyers.
So retail properties that provide opportunities for investors and owner occupiers on East Geelong’s Ormond Road and Geelong West’s Pakington Street are likely to be lapped up by the market.
Pakington Street is perhaps the city’s most blue-chip commercial strip, so the shop at No 173 is likely to attract a crowd when it is auctioned on April 30.
Gartland Property Geelong agent Michael De Stefano said it would be the first time it had been offered to the public in more than 100 years.
Originally a hardware store that was taken over by Fagg Bros (now Fagg’s Mitre 10) in 1915 and closed in 2005, the store was leased then sold the owners of Pako Meats, who are preparing to sheath their blades once the property sells.
“We know the strengths of Pakington Street, but in terms of spots on Pakington Street, you don’t get much better with Chemist Warehouse right beside it and Geelong Fresh Foods right beside it,” Mr De Stefano said.
“In terms of being in the thick of the action I don’t think there is any better position.”
He said not only was Pakington Street tightly held, but investors would have little issue in finding tenants.
“It’s only small but from its zoning you can pretty much put anything in there, including hospitality, retail, even a small office,” he said.
There is free, off-street parking behind and it is surrounding by quality, longstanding tenants such as Gazman and Geelong Fresh Foods.
“Those guys have been entwined into the fabric of Geelong West for decades,” Mr De Stefano said.
“There is very little investment opportunities commercial and to get something in this position happens so infrequently it will be interesting to see how it goes.”
At 21 Ormond Road, popular coffee shop Common People and a separate two-bedroom house would provide investors with a secure rental income of $36,000 a year, Colliers International, Geelong agent Andrew Lewis said.
It was a great start for investors looking for a home to build their nest egg away from banks’ record low interest rates and a potentially volatile sharemarket, Mr Lee said.
“The tenants in it are trading really well and have got a great little business there,” he said.
“It’s a cute shop and a cute little house behind it that’s got the rear access, which is good.”
The property is listed for $820,000, plus GST. The cafe holds a three-plus-three year lease.
“That Ormond Road strip continues to go from strength to strength,” Mr Lee said.
“Properties around Ormond Road and Garden Street continue to sell really well.”
Two shops at 215A and B McKillop Street sold for $840,000 in late March.