Dual-title CBD block sells at auction

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Dual-title CBD block sells at auction

A RARE freehold building a separate land parcel were snapped up auction last week for almost $200,000 above expectations.

The 339sq m property at 135 Myers St and 12 Collins Place, Geelong sold for $960,000 after strong bidding from two parties.

Darcy Jarman, Geelong West agent Tim Darcy said the property, which is over separate titles, sold well above their initial price expectations of $700,000-$800,000.

“Both (bidders) were local parties….probably in time they will work through a proposed scheme with what they might do with both parcels,” Mr Darcy said.

“As it is within an activity centre zoning it leads itself to a multitude of different scenarios.”

The existing house has been converted to provide 135sq m of office space on Myers St, with carparking available on the rear apron of the block. The separate property at 12 Collins Place is not improved, but provides a monthly income as a carpark with seven spaces.

Mr Darcy said it could continue to be used as a carpark or could be turned into a quasi-residential development.

“It is an adaptable property with lots of flexibility,” he said.