Geelong CBD freehold offers multiple income options

News.com.au

2 days ago

Geelong's emerging laneways could become the key to unlocking the value of a CBD landmark formerly home to Duffs Jewellers.
The two-storey freehold is up for grabs with a new expressions of interest campaign to test the market for city centre real estate.
Colliers, Geelong agents Jonathon Lumsden, Ned Tansey and Jackson Carrick are handling the sale for 134 Moorabool St, Geelong, with offers closing August 14.
Mr Lumsden said price expectations were $2m-plus.
The 180sq m ground floor comprises retail and office space, along with amenities and the original strongroom.
The first floor has been converted to a luxury four bedroom, three-bathroom apartment, flooded with natural light from an atrium.
The property is opposite Geelong's Bright & Hitchcocks building where developer Hamilton Group has started a multimillion dollar redevelopment.
'The owners ran their own business from there – they've closed that office down and are using it for storage themselves while they were running upstairs as their Airbnb,' Mr Lumsden said.
'Since they've got other interests, now is the time to divest.'
The building offers the potential for a new owner to create dual income streams, and activate frontages to Moorabool St and Shorts Place at the rear, Mr Lumsden said.
'It also gives someone the potential to reconfigure the ground floor so they could activate a space with direct access of Moorabool St, and then activate a space that's accessed off Shorts Place,' Mr Lumsden said.
Geelong developer Bill Votsaris has already unlocked Shorts Place for neighbouring projects, including a 24-hour Anytime Fitness gym.
'I think there's some appeal to that, to create those dual access points. Does that mean someone looks to do something more retail on the Moorabool St frontage and then more hospitality from Shorts Place?
'There's a few different things you can those around and meanwhile you can maintain that Airbnb, whether it's leased out through Airbnb or you put a long-term tenant in there.'
Mr Lumsden said one potential buyer had flagged reconfiguring the first floor into commercial office space and then look to activate the retail space on the ground floor.
'You could easily give the ground floor a facelift. That's a pretty simple process.'
Interest has been from parties in Geelong and Melbourne, Mr Lumsden said.
'I must say the interest that's coming through are generally parties that we've seen look at other options in the CBD.
'I think people can still see the CBD is going through a bit of adjustment and they can see the investment that other landowners are investing in the CBD.
'Opposite with Cam Hamilton's development and with what Bill Votsaris is doing in Little Malop St, there's good stories to tell within that precinct.
'We got through property cycles, Moorabool St is the main thoroughfare running north-south to Belmont and attracts an enormous amount of traffic and with the property cycle we're going through at the moment where you're not buying at the peak of the market, I believe there's long-term growth to get out of it.'