Student accommodation coming to old Geelong Advertiser offices

The home of the Geelong Advertiser for more than 60 years is set to become new digs for the city’s university students.

The Addy’s former Ryrie St headquarters has sold to Victorian buyers who plan to convert the existing building for student accommodation, using the rear street level basement for car parking.

News Corp Australia put the 3000sqm building at 191-195 Ryrie St on the market after the Advertiser relocated to new premises at 126 Lt Malop St earlier this year.

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Corporate Property Advisors principal John Date listed the 1340sqm property with price hopes around $4.5 million, but several offers were higher than that figure.

The buyers made a significantly higher offer with a 30-day settlement, however the company would not disclose the price.

The offices are to become student accommodation.

News Corp Australia general manager of strategic property and related services Steve Paine says the property attracted formal offers from 10 different prospective buyers.

“There was plenty of people, both a lot of local developers and investors were interested and a bit of a flutter from out of Melbourne as well,” Paine says.

“I think that shows there’s some strength in the Geelong market. It’s really good news that he market seems to be pretty solid.

“It was a good solid building as much as anything,” he says.

Paine says the buyers were forthright to deal with and knocked quite a few other people out of the bidding.

The Geelong Advertiser office at 191 Ryrie St, Geelong.

“We wish them well,” he says.

Early in the campaign Date said potential suiters included developers, key city property stakeholders and a large medical group.

The Advertiser understands the owners of Market Square and Centrepoint Arcade were among the potential buyers.

Serviced apartments, student accommodation and offices were some of the proposals from potential buyers for the Ryrie St building, which first opened in 1960.

The building originally contained the printing press but was later converted entirely to office space.

This article from the Geelong Advertiser originally appeared as “Buyers’ plan for new digs at old Geelong Advertiser building”.