Deakin University lists Geelong’s T&G building for sale in test for CBD vision
Deakin University is selling the landmark T&G House on the corner of Ryrie St and Moorabool St, Geelong.
Central Geelong’s transition to a university city requires a vision to chart a new course for some of the CBD’s landmark buildings.
Deakin University’s acquisition of the landmark T&G House was emblematic as the five-storey office building was transformed into a 33-studio student accommodation facility.
The university is set to test that vision on the market as it has listed the Art Deco building at the intersection of Moorabool St and Ryrie St for sale.
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Deakin Residential Services chief executive officer Marion Grey said Deakin was delighted to have been a custodian of one of Geelong’s most celebrated buildings, which it acquired for circa $3m in 2014.
“We are proud to have played a significant role in securing the future of the building, now 90 years old, through a significant program of building works that has ensured the building continues to breathe life into central Geelong,” Ms Grey said.
Deakin Residential Services manages the student accommodation for mature and post-graduate students.
‘The sale of the building will allow us to consolidate our student accommodation offering in Geelong’s CBD to our purpose-built Brougham St building, Brougham House, which can accommodate 412 students over 11 levels, with 24/7 onsite staffing support.”
Savills Melbourne agents Julian Heatherich, Tanya Su and Benson Zhou are handling the expressions of interest campaign closing March 13.
“It’s a fully restored building in fantastic condition and student accommodation will either be continued or turning it into a boutique hotel could be a great outcome,” Mr Heatherich said.
33 studio apartments are fully leased to the end of 2024.
“We think plenty will look to continue the existing use as it’s a very simple proposition.
“The residential is fully occupied and there is very strong demand everywhere around the moment.”
Mr Heatherich said the CBD freehold should attract a significant amount of interest from Victorian and interstate investors.
It has 33 studio units, three ground floor retail tenancies, extensive communal space and a basement.
The rooftop communal area overlooks Geelong’s CBD and Corio Bay.
“Geelong is a very strong city with a lot of high net worth people who invest in the area and there’s a lot of people from Melbourne and interstate that look for buildings,” he said.
“To get a quality freehold building that’s fully restored like this is not that easy in any capital city, so it’s going to have a pretty broad appeal.”
Mr Heatherich said $6.5m-plus was a starting point for where the expressions of interest campaign could take the value of the property.
Deakin University is selling the landmark T&G House on the corner of Ryrie St and Moorabool St, Geelong.
“There are specialist groups such as boutique hotel operators and student accommodation operators that are well in excess of that,” he said.
Students living in the building have been advised that leases will be honoured through to their expiry at the end of the year.
New owners could concentrate on leasing the other ground floor and basement retail spaces to join the barber shop operating in Moorabool St.
The basement at T&G House shows upgraded services for the building.
The property is about 600m from Deakin’s waterfront campus and near Geelong’s arts and restaurant precincts, Westfield and Market Square shopping centres.
A Deakin spokesperson said the famous Farmer and Son bell no longer rings following safety and structural advice from engineers.
