A Geelong retail strip site buyers could bank on
79-81 Malop St, Geelong, goes to auction on October 19 at 1pm.
Potential buyers could bank on value add or redevelopment opportunities in the first retail core property to be offered for sale on Geelong’s core retail strip in more than 20 years.
The 320sq m building at 79-81 Malop St, Geelong, is offered with vacant possession, sitting on a 498sq m activity centre zoned parcel of land and is expected to sell around $2.2m when it’s auctioned this week.
Colliers agents Ben Young and Chris Nanni say the property presents a rare opportunity of future value-add and development potential suited to owner-occupiers and developers.
RELATED: Home to Beav’s Bar in Geelong’s West End sells at auction
Geelong’s newest hotel open for business
Prime Grovedale industrial site piques buyer interest
The property has hit the market after NAB relocated its Malop St branch to within the Westfield complex.
“It’s not often a property nestled within Geelong’s retail core precinct only metres from the entrance to Westfield shopping centre comes up for sale,” Mr Young said.
“We are anticipating a range of users, as it presents a rare opportunity for owner-occupiers, investors or even developers looking for a property in a high-traffic area.
79-81 Malop St, Geelong, goes to auction on October 19 at 1pm.
“With 10 metres of street frontage towards Malop St, the property is an ideal space for various future commercial ventures.”
The property is suited to retail, office, hospitality and medical uses and has on-site parking with rear access from Moorabool St.
Nearby national retailers include ANZ, Medibank, Bendigo Bank, Kathmandu and Westpac.
Geelong’s retail core precinct comprises a variety of retail, service and hospitality venues in an environment that prioritises pedestrian amenities and activity.
79-81 Malop St, Geelong, goes to auction on October 19 at 1pm.
The building is on the first strip of Geelong’s Green Spine project between Moorabool St and Yarra St.
As part of the city’s transformation, becoming a leading Australian city, its traditional, fine-grain shop fronts are expected to be complemented by shopping centres that transform into externally focused, accessible, mixed-use environments.
“Geelong’s potential as a vibrant and thriving city is undeniable, with Central Geelong at its heart providing a centralised hub for services, transportation, and commerce,” Mr Nanni said.
Geelong CBD is seeing strong demand for office accommodation with major occupiers in the area including GMHBA, TAC, NDIA, KPMG and WorkSafe.
