05 Jun Local interest drives commercial investment at Geelong auctions
Local interest has dominated at a trio of commercial property auctions around Geelong.
The three properties in Geelong, South Geelong and Grovedale were auctioned last week and found buyers at or shortly after the auctions.
A Geelong investor has paid $1.09 million for a warehouse and showroom at 11 Crown Street, South Geelong.
Selling agent Tim Darcy, of Darcy Jarman, said the 1505sq m Industrial 1 warehouse complex was sold with vacant possession.
“The party was a local investor who is looking to tart it up and procure a tenant for it in the long term”, Mr Darcy said.
The property has 16 on-site car parks.
An end user made the highest $510,000 bid for the last remaining vacant corner block in a Grovedale estate.
The 802sq m site at 133 Marshalltown Rd sold at auction, with two bidders making most of the running.
Mr Darcy said the buyer would look to develop the property, building an office, showroom and warehouse facility on the block that’s on the intersection with Wilray St.
The property has a commercial zoning.
Meanwhile central Geelong property developer Bill Votsaris added a historic Moorabool St building to his city portfolio.
Mr Votsaris negotiated after auction to secure the two-storey bluestone retail and commercial building for $900,000.
He competed againstthe owner of a neighbouring building for the vacant property at 186 Moorabool St, Geelong.
McGrath, Geelong agent David Cortous said a Sydney couple initially in the running to convert the former ironmongery to a residence watched the acution after pulling out of the race.
He said their plans to relocate to Geelong had changed.