Seller looks up as buyers mull eight-storey opportunity in Geelong CBD
Neighbouring buildings at 178-182 Ryrie St, Geelong, are selling by expressions of interest, closing July 7.
Potential buyers from Geelong, Melbourne and Sydney are doing due diligence on neighbouring buildings that create a unique development site within the central business district.
The freehold properties at 178-182 Ryrie St come to the market as a development opportunity spread over a 950sq m parcel with a broad activity centre zoning.
The property also has a 28m frontage to Market St at the rear, but it’s the potential to build up to eight storeys with a 28m preferred building height that reap the sellers the most value, Colliers Geelong listing agent Ben Young said.
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Mr Young and Chris Nanni are leading the expressions of interest campaign to sell the property.
“It would definitely suit a developer to go up 28m under the new framework plan to redevelop the site,” Mr Young said.
“Obviously, there’s a little bit of heritage control to take into account but developers can definitely use that in their design.
Light blue shading shows the properties on offer.
“We’ve had some major developers from Melbourne, Sydney, local have a look at the property already so there’s been some good demand.
“It’ll be interesting to see where people go with and what they do.”
Mr Young said it was too early to determine whether the buyers would get a project off the ground, or do the planning groundwork.
He said leases on the sites were coming up, so the owners decided to offload the properties.
“The property benefits from high foot traffic and excellent exposure to both pedestrians and passing vehicles, which makes it a suitable asset for various commercial purposes such as retail, office, residential or a combination.”
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The property also has a rear frontage to Market St.
Popular Geelong salon Blondie holds a lease for the 170sq m single level retail shop at 178 Ryrie St.
The owner acquired the two-storey building for $2.915m in 2021 from Geelong Legacy.
Murray House occupies a 710sq m parcel, including a 28m frontage to Market St at the rear of the property.
The combined properties generate an annual income of $112,540.
Mr Young wouldn’t reveal price hopes for the property.
178-182 Ryrie St, Geelong, is selling by expressions of interest closing July 7.
Mr Young said Geelong’s potential growth – the population is forecast to reach 51,000 by 2050 – was already attracting developers to the region.
“With over $16 billion in projects and over 120,000 new jobs in Geelong, which is growing at a rate of 1000 per year, Geelong is one of the hosts of the Commonwealth Games in 2026 will help boost tourism to the area,” Mr Nanni said.
“Geelong is rapidly evolving with several exciting infrastructure and transport developments,
commencing in coming months, which will further support more tourism and enhance lifestyle
opportunities.”
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