Geelong city freehold selling for first time in 50+ years
170-172 Ryrie St, Geelong, is being offered for sale for the first time in more than 50 years.
A two-level character freehold building in central Geelong is being offered for sale for the first time in more than 50 years.
The property at 170-172 Ryrie St, Geelong, has been home to the Squire Shoppe since 1971.
The 327sq m property is scheduled to be auctioned on July 11.
Darcy Jarman agent Tim Darcy said it’s a versatile property that’s ready for new owners to reposition, or add value, whether as investors or owner-occupiers.
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“It’s a very versatile and adaptable property,” Mr Darcy said.
“The fact that it sits within one freehold but it’s basically two separate buildings – ground floor and first level.
“It retains a lot of its original charm, character and character features of yesterday.”
Mr Darcy said the property is expected to attract interest from potential owner-occupiers and spec investors that can see the value in repositioning and adding value.
The Squire Shoppe has been trading on Ryrie St since 1971.
Baltic pine lining boards are a significant feature upstairs.
The property would be within reach, with a price expected to be circa $1m-plus, he said.
“In terms of conversion or repositioning, the fact that some of these buildings are quite raw and this one I say raw, this is ‘good raw’,” Mr Darcy said.
“It’s got some really good internal Baltic pine throughout, which is very hard to find. Some areas have press metal ceilings, it’s just got a lot of different features that could easily be worked with and it’s all clear span, so it hasn’t got columns throughout it.
“It’s got good lofty, high clearance both internally at grade and also at first level.”
The neighbouring Indian Gift Shop has an ongoing lease.
The building occupies the preferred south side of Ryrie St, with easy rear access from Ryans Place and a sunny, north-facing outlook.
Mr Darcy said the position was also a plus.
“It’s on the south side of Ryrie St, which is absolutely the more favourable side. And particularly because you’ve got rear access from Ryans Place.
“There’s a whole lot of different things you could do – you continue to retail, you could even convert upstairs for residential use.
“It would suit hospitality users, it’s just got a whole raft of different possibilities in terms of transitioning.”
The property also has a second tenant which holds a lease for at least the next two years providing some income while new owners look to reposition the property.
