OPTIONS TABLED
Rare Geelong dual-titled property hits the market
A RARE dual titled property in central Geelong is set to test the commercial real estate market when it goes to auction next month.
The 339sq m property is over separate titles at 135 Myers St and 12 Collins Place, Geelong.
The existing house has been converted to provide 135sq m of office space on Myers St, with car parking available on the rear apron of the block.
The separate property at 12 Collins Place is not improved, but provides a monthly income as a carpark with seven spaces.
Darcy Jarman, Geelong West agent Tim Darcy said it was a unique opportunity, driven by the open Activity Centre zoning.
“Given we’re offering two separate allotments in one, it creates an enormous amount of flexibility in terms of what you might do at the other end,” Mr Darcy said. “Myers St is serviced by an existing building that's been used for many years for commercial purposes.
“It has around 135sq m of office space together with a basement level and also provides surplus land at the back for carparking, and it’s vacant possession to provide an opportunity for a potential end user. “
Mr Darcy said investors could also look to refurbish the space with a view to procure a tenant.
There is also scope for redevelopment, with no heritage overlay to provide a hindrance.
Mr Darcy said the Activity Centre zoning provided a raft of opportunities for redevelopment.
He said the planning scheme amendment for central Geelong provided property owners far greater scope for uses.
The precinct is geared toward commercial, living and medical uses.
“You can look at this opportunity to buy as a whole, buy and hold one parcel and divest the other, or develop and occupy,” he said.
Mr Darcy said it was difficult to put price expectations on the property, given the potential end uses.
“I think it’s got an intangible element. It’s very difficult to be definitive as to where it might sit but we’re suggesting in the mid $700,000-plus range.” 135 Myers St and 12 Collins Place, Geelong goes to auction on September 14 at 1pm. For details, contact Darcy Jarman, Geelong West, agent Tim Darcy on 0418 522 523.
“Given we’re offering two separate allotments in one, it creates an enormous amount of flexibility in terms of what you might do at the other end.” — Agent Tim Darcy