Pilates studio sells as core investment

LOCAL investors stretched themselves, putting in bids on a secure Geelong West investment.

The studio suite holding KX Pilates at 5/188-190 Pakington St sold at private deadline sale for $570,000, Darcy Jarman’s Tim Darcy said.

“It was an investment property, it had a big five-year lease from March 2014,” he said.

“We had a steady flow of interest, mainly from local investors.”

The property is situated in the main hub of Pakington St between Hope and Albert streets.

“It’s in a prominent position and although it’s currently used as a pilates studio, it’s also suitable for a suite of other studio or commercial uses,” Mr Darcy said.

LODGE TO GO FULL CIRCLE

THE former site of Berkeley Lodge might return to its original use as medical suites.

The property, which recently sold for $2.64 million is being offered for lease through Darcy Jarman. “The successful purchasers of that property have a long-term view, they’re investors and they’ve asked us to see if we can identify a prospective tenant for the property,” Mr Darcy said.

“Basically, how it’s set up at the moment is suits someone in the food or hospitality related industry or, conversely, it could be converted for medical and consulting.”

The leasing process is an expression of interest campaign to cater to any potential tenants due to the potential need for the site to be reconfigured.