01 Jul 2024
A two-level character freehold building in central Geelong is being offered for sale for the first time in more than 50 years.
The property at 170-172 Ryrie St has been home to the Squire Shoppe since 1971.
The 327sq m property, which also houses the Indian Gift Shop next door, is scheduled to be auctioned on July 11.
Darcy Jarman agent Tim Darcy said the property was ready for new owners to reposition or add value, whether as investors or owner-occupiers.
“It’s a very versatile and adaptable property –the fact that it sits within one freehold but it’s basically two separate buildings, ground floor and first level,” Mr Darcy said.
“It retains a lot of its original charm, character and character features of yesterday.”
Mr Darcy said the property was expected to attract interest from potential owner-occupiers and speculative investors who could see the value in repositioning and adding value.
The property would be within reach, with a price expected to be circa $1m-plus, he said.
“In terms of conversion or repositioning, the fact that some of these buildings are quite raw and this one, when I say raw, this is ‘good raw’,” Mr Darcy said.
“It’s got some really good internal Baltic pine throughout, which is very hard to find.
“Some areas have press metal ceilings, it’s just got a lot of different features that could easily be worked with and it’s all clear span, so it hasn’t got columns throughout it.
“It’s got good lofty, high clearance both internally at grade and also at first level.”
Mr Darcy said the position was also a plus.