Retail, apartment prospects to test demand in Geelong
Real estate in central Geelong is back on buyers radars as owners look to test the level of post-COVID demand.
Several buildings combining retail, office and residential uses have hit the market in recent weeks, with one Moorabool Street building heading to auction this weekend.
Colliers International, Geelong agent Andrew Lewis has listed the two-storey building on a 203sq m parcel at 172 Moorabool Street, with price hopes from $1.275m to $1.4m.
The building next to Costa Asset Management’s corporate head office, has attracted a number of parties interested in the commercial opportunities available at the address.
The property is being sold with vacant possession, but has a ground floor retail space previously leased to a fashion outlet, while the first floor contains a recently renovated four-bedroom apartment.
“We’ve got three or four bidders that we would expect to turn up to the auction,” Mr Lewis said.
“We thought we might get some residential buyers, but it’s definitely commercial buyers.”
Mr Lewis said among the mix of local and out-of-town interest is a Melbourne retailer.
Gartland Property agent Adam Farrell said he’d been in talks with potential buyers interested in another two-storey building at 153-155 Ryrie Street, through the negotiations had yet to find agreement on price for the offers made.
It’s listed for $1m, plus GST.
Groups include local developers and Melbourne parties, he said.
It’s next door to Deakin University’s T & G student residence and offers two ground floor retail tenancies, a basement and a first floor that could be ideal for apartments or serviced offices.
“People are looking at it as redesigning or refurbishing it. It allows you to have two tenancies downstairs.
“The same people have been looking at doing an apartment upstairs, or taking it back into creative office spaces.
“There is plenty of room to do an apartment up there. I know of smaller apartments grossing around $30,000 per annum — little small three bedrooms and Airbnbs not far from there.”
While the property is also being offered with vacant possession, it has a new neighbour after Aussie Convenience took up a tenancy at 157 Ryrie Street.
Newtown agent Jason Barnett listed another two-storey retail/office building at 221 Moorabool Street last week.
Mr Barnett said the 427sq m property was listed with expressions of interest closing in the new year to capitalise on the 50 per cent stamp duty saving on commercial property in regional areas that comes into effect on January 1.
Price hopes were above $1m, Mr Barnett said.
The two-storey building is home to Indonesian restaurant Pondok Nasi Bakar, with McGrath Estate Agents also leasing office space upstairs.