Period holdover is a historic opportunity

02 Mar Period holdover is a historic opportunity

THE last remaining house on a Geelong CBD street has been listed for sale as a rare development opportunity.

The ornately decorated weatherboard period home at 88 Brougham Street is being sold by expressions of interest, closing March 25.

It is one of four properties on the block between Bellerine and Yarra streets that has so far outlasted several Geelong building booms.

The house has been dwarfed by development along the waterfront, with the La Cabine office building to its west, the City of Greater Geelong corporate office building and carpark appearing in the late 1980s and the Promenade Tower apartments later.

Darcy Jarman, Newtown listing agent Tim Darcy said the property had become available for the first time in more than 100 years as part of a deceased estate.

It is located within Geelong’s broad activity centre zone, offering both unparalleled views across Transvaal Square parkland to the waterfront and close access to the city’s main shopping precinct.

The activity zone provides buyers with enormous scope for redevelopment.

“Clearly there is a higher and better use for the site, given it’s included in an activity centre zone and it’s got uninterrupted access facing to the north,” Mr Darcy said.

“It’s a really interesting site. Nothing like that has come to the fore in this location for a substantial period of time.”

The property is likely to attract interest in excess of $2m, given the substantial upside that any future development would deliver on the site.

“It’s got an enormous amount of scope in regards to a redevelopment scheme,” Mr Darcy said.

“Whether it be commercial, residential or an integration of both, it’s clearly a fairly dynamic and versatile site.

“I suspect, by virtue of where it is and what it is, that it’s going to command a lot of deep interest.”

The 431sq m property has two street frontages, including a rear laneway entry off Yarra Street. The block is more than 34m deep.

The dwelling presents in a raw condition, retaining many of its original features and characteristics.

Louise Armit is the executor of the estate of her late aunt Elizabeth Backwell, who died last year.

Ms Armit said the house had been in the family for more than 100 years, back to great-grandparents Robert and Marion Williams.

Her grandmother Jessie Williams, who married Albert Backwell, also lived at the house.