Shops a magnet for buyers

Cashed up empty nesters, downsizers and younger buyers with renovation in mind are seeking property around East Geelong’s Garden St shopping centre.

The shopping strip, which includes retail outlets on Garden St, Myers St and Ormond Rd, has matured in recent years, with a host of new cafes and retail outlets opening as the suburb’s demographics have changed.

The retail strip was put to the test last week, when a commercial property at 6 Ormond Rd, East Geelong, was put to auction.

The 318sq m block with a modern 230sq m retail building sold under the hammer for $880,000.

Selling agent Tim Darcy, of Darcy Jarman, Geelong West, said it was a strong sale.

“(Eat Geelong) is a very strong and much sought-after central city fringe retail shopping precinct,” Mr Darcy said.

“We had some pretty positive activity during the campaign. It was a robust auction.”

He said a Geelong investor secured the property, built about four years ago for the owners of Joys Fabrics.

“The business was winding down. They are retiring and that’s why it was up for sale,” he said.

Mr Darcy said East Geelong’s shops had not expanded in size but had changed in status.

“It’s become a very mature and consolidated shopping precinct,” he said.

Most of the parties that participated were all investors, a mix of local and Melbourne buyers.

It follows the sale of 25 properties within 700m of the shopping strip in the past six months.

CoreLogic data shows that more than $6 million worth of residential property had sold in the neighbourhood.

The media price is $552,500, contrasting with an overall median price of $478,000 for East Geelong in its entirety.