Vinnies’ Geelong outlet angled towards development

The Geelong West home to one of the city’s biggest charity shops offers an opportunity of another kind on the property market.

The 870sq m site occupied by Vinnies at 53-55 Pakington St is being offered for sale as a tenanted investment with long-term development prospects.

The corner site, one of the largest available on the popular commercial strip, could be unlocked under a draft framework laying the foundations for future development around the Geelong West retail hub.

Maxwell Collins, Geelong agent Don Hough says the draft Pakington St Framework from the City of Greater Geelong could allow future owners to build a multi-level commercial and residential building on the site.

The corner block measures 870sq m.

The property’s sale campaign comes as Geelong’s council seeks public consultation for its draft urban design framework for Pakington St and Gordon Ave.

Key proposals include staggered medium and high density apartment buildings from four to 10 storeys on Gordon Ave and Pakington St north of Waratah and Wellington streets.

Vinnies is a long-term tenant and has two years to run on its lease, plus an option for another five years, giving buyers plenty of time to plan their next move, Mr Hough said.

It is located north of Waratah St and Pakington Strand shopping centre.

In the meantime, it drives close to $90,000 a year in rent, plus GST and outgoings.

He says price hopes are in the low to mid $2 million range.

“The property has tremendous development potential,” Hough says.

A multi-storey development would unlock bay views.

“Its local is so close to the Melbourne Rd via Church St, or back to the Ring Road along Ballarat Rd.”

The position, opposite VLine railway yards, provides the opportunity to gain views over Corio Bay to the You Yangs.