Geelong West newsagency auction could spark multi-million dollar frenzy
Geelong West’s Murphy’s Newsagency is on the move, creating a multi-million dollar opportunity in one of the best retail positions on Pakington St.
The newsagent is preparing to relocate in Pakington St later this year, precipitating the most highly-anticipating commercial auctions in Geelong West in some time when 196-198 Pakington St is offered on August 23.
Price expectations could be above $2.5 million for the 385sqm commercial property, which has been held by the newsagent’s owners since 1979.
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The most recent comparative sale on the block between Weller and Hope streets occurred in 2011, when a larger property that’s home to Geelong Fresh Foods sold for $3.2 million, CoreLogic records show, though it’s not clear whether it traded on the open market.
The newsagency occupies a prime position on a Pakington St block between Hope and Weller streets.
Darcy Jarman selling agent Tim Darcy says the location is the pivotal focal point of Pakington St.
“As much as Pako is fairly broad in its spread, between Weller and Hope is the pivotal focal point, stretching perhaps to Albert St and maybe the NAB as the post office sits there, but it’s right in the main thrust,” Darcy says.
Surrounding businesses include ANZ Bank, Baker’s Delight, Geelong Fresh Foods, Dan Murphy’s and Gazman, while the Geelong West library is also nearby.
The Pakington St property is home to Geelong West’s Murphy’s Newsagency goes to auction on August 23.
“We haven’t seen a property between Hope and Weller St become available since Brown’s Drapery, which has become Gazman, which was probably 20 years ago,” he says.
“It’s just so tightly held. With the pedestrian crossing it’s as good a location as you’re going to find.”
The property will be auctioned with vacant possession, giving the owner occupiers or investors a 385sqm site with dual street access.
The Pakington St property currently home to Geelong West’s Murphy’s Newsagency goes to auction on August 23.
Two titles provide flexibility in using the existing building or redeveloping, subject to council approval, Darcy says.
He says the projected annual rental for the property as-is would be up to $150,000.
“It’s as strong as you’ll get in any strip location we have within Geelong by virtue of where it is and what it is,” Darcy says.
It will be auctioned on August 23 at noon.
This article from the Geelong Advertiser originally appeared as “Newsagency move opens the door to rare retail auction on Pakington St, Geelong West”.
