Geelong ‘island’ site offers CBD options in development zone

A collection of commercial properties in central Geelong offers buyers a unique island site and the opportunity to take their time charting a new course.

The 912sq m property at 118-122 Ryrie St and 2-4 Wright Place, Geelong has four freehold titles as well as additional frontages to Warner Place and Lawrence Place.

The property is opposite the top end of James St, with the Little Ryrie St car park at the rear and is likely to sell for around $3.6m, given the history of recent commercial property sales in central Geelong.

Darcy Jarman, Newtown selling agent Tim Darcy said the strategic property offered one of the best positions on the city’s main retail thoroughfare.

Circumstances led the owners of the property to list it for sale, but the timing couldn’t be more beneficial, Mr Darcy said.

It comes to market months after the state government approved the Central Geelong Framework Plan, which allows a building height of up to 28m – or eight storeys – on the site.

New owners could reposition part or all of the 912sq m property – presently partly leased to GMHBA Dental and an architect – or draw up a redevelopment vision.

“It’s a really interesting site because clearly it’s almost an island site which provides an enormous amount of flexibility for you’re someone looking to adopt a total new redevelopment scheme for the property,” Mr Darcy said.

“There is some short term income there at the moment. GMHBA has been there for quite a while operating a dental surgery. An architect is out the back and one of the warehouse areas is currently vacant.

“There’s a lot there’s a lot of flexibility in respect to whether you want to buy and retaining come by and look to reposition or redevelop.”

Expressions of interest close July 26.

It’s the second potential development site selling on Ryrie St in recent weeks with a property offering a similar scale at 178-182 Ryrie St.

Potential buyers from Geelong, Melbourne and Sydney were doing their due diligence on the strategic hold that comes to the market as a development opportunity spread over a 950sq m parcel.

The property also has a 28m frontage to Market St at the rear, but it’s the potential to build up to eight storeys with a 28m preferred building height that reap the sellers the most value, Colliers Geelong listing agent Ben Young said.