City position has options for returns

14/14A Richmond St, Geelong goes to auction on Saturday at 1.30pm. A LARGE Geelong property containing two homes has aroused interest from buyers keen to get a return from the prime position.

The 1021sq m property at 14 and 14A Richmond St, Geelong, goes to auction on Saturday at 1.30pm.

Price hopes are between $850,000 and $900,000.

Newtown agent Graeme Taylor said the property provide several options to buyers, with a 24m street frontage allowing space for up to three dwellings, subject to council approval.

“The interest seems quite good,” Mr Taylor said. “I’ve had developers look at it to potentially put three townhouses across the front.

“I’ve also had investors keen on letting out the right-hand side and working on the left-hand side.

“The one on the left-hand side needs a lot of work. That would be a refurbishment and fitout, but structurally it looks okay.”

The semi-detached clinker brick homes each have two bedrooms and one bathroom.

“It’s a red hot spot with the train station and inner city location. It would be a great development or investment opportunity and buyers could land bank it,” he said.

In May, a substantial four-bedroom house on a 1300sq m block in nearby Richmond Court sold for $950,000, while a three-bedroom townhouse in a new development is selling for $700,000.