What’s behind Geelong’s healthy recovery for CBD

Pregnancy and maternity service Berth Geelong has opened at 2 Wright Place, Geelong.

A health-led recovery is bringing more life to Geelong’s retail heart as the health and wellbeing sector seeks a greater street presence.

The spread of medical, allied health and fitness businesses into the CBD has seen investors looking to capitalise, repositioning long-time office or retail buildings near thoroughfares such as Ryrie St, Moorabool St and Gheringhap St.

The biggest players outside the hospitals includes the Ryrie Health Hub in the old Ryrie Street Market building and Barwon Health Mental Health and Wellbeing Hub and GMHBA’s Geelong Hub, both on Moorabool St.

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Pregnancy and maternity service Berth Geelong has opened at 2 Wright Place, Geelong.

Pregnancy and maternity service Berth Geelong has opened at 2 Wright Place, Geelong.

The latest to reach the market is a converted warehouse at 2 Wright Place, Geelong, which is scheduled for auction at noon on December 6.

Darcy Jarman agents Tim Darcy and Andrew Prowse are handling the campaign in conjunction with Fitzroys Chris Kombi and Lewis Waddell.

The 201sq m triple-fronted freehold property is next to the Little Ryrie St car park with an arcade through to Ryrie St and comes to market 15 months after being acquired by the investors with a complex of neighbouring commercial properties.

Instead of development, the owners are “repositioning” the buildings, with capital works underway on a neighbouring warehouse and new tenants being sought for the former dental surgery on Ryrie St.

Barwon Health’s Geelong Mental Health and Wellbeing Hub on Moorabool St. Picture: Alison Wynd

Mr Darcy said the key feature was the new six-plus-six year lease to Berth, a leading pregnancy and birth care service.

The property is expected to gain interest above $1.1m.

The six-year lease returns $72,800 a year, plus GST and outgoings, with fixed 4 per cent annual increases.

“They’re based in St John of God Hospital and it’s an expansion of their existing operations,” Mr Darcy said.

“It’s an immaculate converted warehouse with the exposed oregon timber beams.

“It’s a full refurbishment – nothing is left for any new prospective new owners to do than just simply enjoy the income.”

GMHBA has opened its Geelong Hub at 60 Moorabool St, Geelong.

The GMHBA building in Moorabool St, Geelong.

Properties on the south side of Ryrie St, or abutting the public car park are close to city’s existing medical amenities centred around St John of God Hospital, Mr Darcy said.

“It creates a greater level of activation,” he said.

“Clearly when you’ve got a greater level of activation and there’s good interface between complementary amenities – it has a positive impact on property values.

“And the real benefit here is not only the activity, but the public car park which is always important.”

@Pilates 24/7 has taken a lease at 88 Ryrie St, Geelong.

The Geelong Ryrie St Market building has been converted to the Ryrie Health Hub.

Another example is at 88 Ryrie St, where new owners are repositioning the landmark 1930s W Leggo & Son Grocers building, including plans for a first-floor apartment, Gartland Geelong agent Adam Farrell said.

The new tenants are a 24-hour pilates studio, @Pilates 24/7, part of a growing trend in health and wellbeing inquiry for floorspace in the CBD, he said.

“We are seeing a lot of that sector at the moment,” Mr Farrell said.

“Everything to do with health and wellbeing, which is going to help your physical or mental state and feeling good.

“That sector of the marketplace is strong.”