Versatility key to big sale of prime two-for-one Pakington St site
A huge price for a prime site in Geelong West’s favourite strip has handed a long-time local trader an unexpected $1 million retirement gift.
Maxwell Collins, Geelong agent Paul Whyte said the 839sq m commercial property at 84-86 Pakington St, Geelong West sold at auction for $3.92 million.
The two-storey building and neighbouring customer carpark that houses Geelong Blinds was expected to fetch about $2.8 million.
Mr Whyte said eight registered bidders were drawn to the flexibility of the showroom and warehouse space, which was purpose built for the blind manufacturer.
“It was in excess of our expectations,” he said.
“The vendor has been the owner of Geelong Blinds and operated from their for 45 years.
“He is retiring and closing down the business and selling the building.”
The new owners are medial professionals who plan to open a practice on the site, taking advantage of the carparking, which was big drawcard.
An urban design framework to guide the development of Pakington St may have boosted the potential for the key commercial site.
The internal framework set future height limits along that section of the retail strip to four storeys.
“Throughout the campaign we were always talking about the versatility of the property … that was the key,” Mr Whyte said.
“We had over 80 inquiries on the property — it was a really strong campaign — some of those were developers looking to the future, or to lease it now and sit on it and some were just wanting it in its existing form.”
The property offers 360sq m of floorspace, including a showroom at the front and a double-storey manufacturing facility behind.
The auction was held on-site just days before a ban on live auctions was reintroduced in line with Geelong’s lockdown, with only serious buyers who had put forward expressions of interest permitted to attend.