Former port office for sale

The former Port of Geelong Authority building at 65 Brougham St, Geelong, is causing a swell of interest with its recent listing for sale.

Agent Tim Darcy said the five-level property comprised 851sq m of land with a building of 2037sq m floorspace. Mr Darcy said the property was built in the late 1970s to early 1980s. “We understand this property has only had two owners,” he said. “One being the State Government when it was occupied by the Port of Geelong for a significant amount of time.” He said a private investor had held the property since.

The modern property is available as a tenanted investment, Mr Darcy said. “The property is currently producing a gross income of around $242,000 per annum,” he said. “It’s very rare that a significant holding like this in such an outstanding location becomes available.” Mr Darcy said he believed there was a serious intangible element in terms of the property’s price. “Being located in a key pocket of the waterfront precinct, it’s still being used as a commercial building but it has a wide variety of potential with an exciting future ahead,” he said.

Mr Darcy said the property was a local landmark and a commanding presence in the area. “It is quite an imposing building comprising over 2000sq m floor space and is on a regular-sized parcel of
land,” he said. “The structure is of a very high quality and there’s the advantage of dual frontal with access to two streets.”

Holding an Activity Centre 1 Zoning allows a variety of potential uses.

Mr Darcy’s colleague, Simon Jarman, said given the five-level building in this waterfront location that offered development or investment use, it was difficult to gauge a sale price. “As an investment 65 Brougham St offered an exceptional opportunity for someone with a long-term view to adding a prestigious property to their portfolio,” he said. “This property lends itself to a multiple of different potential uses.” Extensive glass windows let in natural light throughout the building. The entrance features a ramp as well as a separate staircase to allow ease of access. There’s also off-street parking at the front and under the building.

Situated centrally between Yarra and Moorabool streets, 65 Brougham St is opposite the rear of Westfield and a short stroll to the waterfront. The property is also near the Four Points Sheraton.