Paint shop’s price adds to Pako’s sheen

THE development of the northern end of Geelong West’s Pakington St commercial strip has delivered a big auction result.

The key corner commercial property at 7/23 Pakington St sold for $1.635 million yesterday.

The result was more than $300,000 above the agents’ expectations for the property, which has been leased to Haymes Paints for the past 23 years.

But Geelong business operator Joe Venturino said he didn’t buy the 375sq m showroom for the tenant, which pays about $52,000 a year in rent.

It’s the capital potential in holding and possibly redeveloping as Geelong West’s commercial strip expands north.

“This part of Pako is developing still and there is still a lot of opportunities down this end,” Mr Venturino said. “Pako has to expand down towards this end. It’s all congested down the other end.

“Its accessibility is great and the residential areas are going up in value.”

Mr Venturino said more businesses were relocating to the strip from central Geelong.

Wilsons, Geelong agent Guyon Wilson said while the auction started slowly, with two vendor bids to get the price past $1.1 million, the buyers in the crowd ultimately saw the value in the position.

Mr Wilson confirmed the property was selling when the price was $1.335 million, but two bidders remained in the contest until it passed $1.635 million.

Before the auction, Mr Wilson confirmed Haymes’ five-year lease expired next January but said the business intended to exercise a new five-year option.