Bright opportunity
BUYERS are considering a potential residential redevelopment of a retail landmark as the owners of Geelong’s Bright and Hitchcock building put the property on the market.
The landmark building, which take up nearly half a city block, with a 98m street frontage to Moorabool St and Lt Malop St, were listed in an expressions of interest campaign closing on October 26.
Allard Shelton agent Joe Walton said price expectations were about $6.5 million to $7 million for the building at 115-145 Moorabool St and 102 Lt Malop St, Geelong.
The property has already attracted interest from Geelong, Melbourne and some international buyers, Mr Walton told the Advertiser.
He said some groups had proposed refurbishing the long-neglected upper floors, while others had proposed demolishing the 1950s-era building facing Moorabool St to proceed with a residential development, retaining the heritage-protected bandstand that rises above Lt Malop St.
Mr Walton said the Activity Centre zoning in Geelong’s CBD offered commercial, residential and retail uses.
He said there were many opportunities as the City of Greater Geelong and state government worked to create a more functional CBD.
“This is a building which was one of the jewels along Moorabool St for a long time but with the prevalence of Westfield in recent years it has lost a lot of that interest and that command,” Mr Walton said.
“Initiatives that the City of Greater Geelong is undertaking are really important to breathing new life into key areas such as Moorabool St.”
Mr Walton said the Melbourne syndicate selling the property saw it as a great value-add opportunity at a time when Geelong faces the prospect of positive change.
“There are a couple of groups that are looking at a full refurbishment of the upper levels that have not been occupied since 1982,” he said.
“There’s a couple of groups that are looking at demolishing part of that building that is set off the main historical component of the building, the 1950s component more on Moorabool St, and doing some form of residential development there.
“It really is a beautiful old building inside, but it does need some tender love and care, so there’s a lot of life left in the building as it stands.”
Deakin University transformed the nearby T&G Building into 33 self-contained student apartments while retaining a retail component at street level.
Geelong developer Bill Votsaris proposed a boutique hotel after purchasing the National Mutual Building at the corner of Moorabool and Malop streets for $3.5 million at auction, while locals Carl and Jan Bucovaz turned the old Geelong Gas Company building in Ryrie St into six apartments. INSIDE YOUR ADDY TOMORROW