04 Nov 2016
A GROUP of local investors has snapped up a landmark Geelong holding and have high hopes for its future development.
The building area measures 2514sqm and may be split into several tenancies, but may have potential for leasing as is.
“At the moment we’re going to have an expression of interest to lease the property, it’s a medium to long term investment and we’ll see what happens,” he said.
With the TAC and Work-Safe, and the NDIA soon to be in Geelong, Mr McDonald said legal firms or other government departments are potential contenders.
“That’s a recipe, for particularly legal firms who represent their clients with these government departments, that’s a recipe for them to be moving to Geelong,” he said.
Selling agent, Tim Darcy, of Darcy Jarman, fielded interest from both Geelong and Melbourne. “They were one of about nine parties who expressed interest throughout the process and as a consequence of the formal expression of interest process, we invited six parties to take place in a select tender process,” he said.
“Sites like this are generally more appreciated and better understood by local parties”.
“The fact that a group of local people bought it is positive. They understand the location and the site and the evolving nature of the Gordon Ave precinct.”