05 Oct Safety Motors era ends
IT WAS the end of an era as the hammer came down selling Safety Motors at auction last week.
Six parties competed for the workshop at 22 Bellerine St, Geelong, and it sold to a Melbourne buyer for $810,000.
Darcy Jarman, Geelong West agent Tim Darcy said the buyer was a speculative investor.
“They are looking to hold it and maybe add value to it at some point in the immediate to long-term future”, Mr Darcy said.
Bidding started at $550,000 and the six parties took the price up tp $810,000 in $10,000 increments.
Mr Darcy said he had been quoting $700,000 – $800,000 and it exceeded the top end price expectations after strong bidding.
“There is certainly an appetite for the right graded commercial property in the Geelong region and particularly the CBD,” he said.
Geelong mechanic Garry Nelis has worked at Safety Motors for 50 years and bought the business in 1973.
Lowering a vehicle’s suspension was big business in the early 1970’s, but more recently 80 per cent of the work at Safety Motors has been referred from insurer AAMI.
The roller door is expected to be lowered for the last time in December.