Prime opportunity to grab a holding in heart of Pakington St, Geelong West

Pakington St, Geelong West is the city’s premium retail strip.

A property in the heart of Pakington St, Geelong West is expected to attract a crowd of potential buyers after being put up for sale for the first time in 44 years.

Disabled and aged care service provider genU is selling the commercial property at 149B-151 Pakington St, Geelong West.

Colliers Geelong agents Jonathon Lumsden and Ned Tansey are leading the campaign that’s set to finish with at auction on March 6.

Price expectations are around $1.7m.

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149b-151 Pakington St, Geelong West, goes to auction on March 6.

Mr Lumsden said early interest is from local investors who already have a holding on Pakington St and some Melbourne buyers seeking a development opportunity.

Pakington St, Geelong West is the city’s premium commercial strip where the sale of properties within the core hub are rare, but expensive.

“This is a rare opportunity to secure a prime commercial property in one of Geelong’s most sought-after locations,” Mr Lumsden said.

“The flexibility and potential of this site make it an attractive proposition for a wide range of buyers.”

The property is effectively two vacant buildings divided by an internal courtyard on a 327sq m site zoned Commercial 1.

An internal courtyard divides the buildings on the site.

Each building has its own amenities, while the front site has direct entry off Pakington St.

Mr Lumsden said the layout allowed for various uses, such as full or partial occupation, investment or redevelopment.

There is carparking at the rear of the site, which backs on to a council-owned public car park.

“You could ultimately occupy or lease it as a whole or you could occupy the front and lease the back,” he said.

“The way they are configured, both have got their own amenities so you’re not having to share amenities if you are trying to split buildings.”

The central courtyard could also be valuable real estate if made available to a hospitality business, given the small footprint available for outdoor dining on the street.

Mr Lumsden said potential tenants could be a mix of retail business, hospitality and consulting businesses.

The rear building has entry from the courtyard.

There is rear parking available on the property, which also faces a council-owned car park off Albert St.

“You could strip the front out and turn it into a hospitality venue and you could have the back as a consulting business,” he said.

Records show the property last traded in 1981 for $62,000.

Since then, Pakington St, Geelong West, has become the city’s premium commercial property strip.

Sales in recent years have set land rates of around $6000 per sq m.

A nearby corner holding at 168 Pakington St, sold in 2024 for $1.78m.

The tenanted investment is leased to Splatters, the state’s first cheese train.

Also on the opposite side of the street, the property home to The Village Door cafe sold for $1.4m in 2022.