Hoteliers among potential suitors for Geelong landmarks
55 Maud St, Geelong, is listed for expressions of interest.
Boutique hotel operators could be in line to scoop up landmark buildings back on the market in central Geelong.
The original Geelong Grammar School building at 55 Maud St, and a former State Bank of Victoria building and later student accommodation at 123-123a Ryrie St, Geelong are on the market in separate expressions of interest campaigns.
The former is operating as The Iconic Rooming House, but Gartland Geelong listing agent Michael De Stefano said potential hotel operators had been among the interest in the strategic property, which was recently listed by the vendors with $5.5m price hopes.
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A key aspect to the property was the significant investment in upgrading the 19th century building. It has space for 20 reserved car parks and has 28 rooms across four levels, along with three commercial kitchens and three recreation rooms
“All the hard work done there, but if you wanted to convert into another use, it’s quite conducive to a hotel or student accommodation,” he said.
55 Maud St, Geelong, is listed for expressions of interest.
55 Maud St, Geelong, is listed for expressions of interest.
“It’s got good parking so you could probably get dispensation for office or other uses as well, given the heritage nature of it.”
Mr De Stefano said interest has been good for the property, with most centred around the accommodation aspect of the building.
“We’ve seen a couple of hotels as this adds a boutique nature as well,” he said.
Geelong has a fair way to go in terms of generating the number of hotel beds needed to address the present shortfall, he said.
55 Maud St, Geelong, is listed for expressions of interest.
“Even with Quest and Holiday Inn and some of the others that have come to town, it only fills a hole of about 10 per cent in terms of what’s truly needed, so the opportunity there to actually earn some income straight away.”
The six-level building at 123-123a Ryrie St most recently operated as Ryrie Hall student accommodation, having been original built as a branch of the State Bank of Victoria in 1957.
It’s listed conjunctionally with Sutherland Farrelly for an expressions of interest campaign closing October 24.
123-123a Ryrie St, Geelong is selling by expressions of interest closing October 24.
The property offers a wide mix of opportunities in a central Geelong location close to the arts and cultural precinct.
Each floor is separately titled in the building designed for the State Bank in 1957, while the property funnels out to Geelong’s laneways precinct at the rear.
“We’ve had people looking at for certainly office, residential, a boutique hotel and hospitality.”
123-123a Ryrie St, Geelong is selling by expressions of interest closing October 24.
It has a Central Activity Use zone 1 and runs straight into Geelong’s laneways precinct at the rear.
Mr De Stefano said purchasers would be buying something well below replacement value in terms of concrete floorplates.
