IS THIS WORTH SAVING?
SHAKY GROUND: Owners facing $4m damages bill as future of historic CBD building hangs in balance Meeting tomorrow to determine future of site ‘I felt building moving’, business owner tells VicRoads investigates potential Ryrie St threat Inside look at
OWNERS of the evacuated Belcher’s Building will meet tomorrow to discuss a mounting damages bill that could cost more than $4 million.
As tenants approach a month without trade and authorities assess extensive damage to the Geelong CBD property, owners will consider everything from a full rebuild to demolition.
OWNERS of the evacuated Belcher’s building will meet tomorrow to discuss whether they fund a mounting damages bill that potentially runs into the millions.
As multiple tenants approach a month without trade, and authorities assess the extensive damage to the Geelong CBD property, the owners face tough and expensive calls.
Owners corporation committee spokesman Nathan Holmes said everything from a full rebuild to a demolition would be considered.
“We do know that it’s going to be high,” Mr Holmes said of the total expenses. “There is a long road ahead.”
Concerns centre on the stability of the landmark corner building’s basement brick wall, which supports the Ryrie St facade and footpath.
One business operator said she noticed the 1920s heritagelisted building moving. “You can feel it … it was dipping on the floor.”
Owners will meet for the first time since the site was closed suddenly last month due to safety fears.
In the interim, they have incurred considerable expenses.
Outside of the immediate measures to stabilise the building and a host of assessments, the road shutdown led to a bill from Victoria Police that ran into the tens of thousands of dollars.
Mr Holmes said funds had been sourced to begin repair work in April, after initial issues were first uncovered in January.
However, the extent of the problems are understood to be much deeper than initially thought.
While detailed assessments continue, tenants have revealed there are concerns the damages bill could run past $4 million.
Mr Holmes said there was no certainty that the prominent corner location would reopen any time soon.
“Given the severity of the damage to the building, we need to understand if that’s even possible,” he said.
“The question is can we continue to fund the work that needs to be done. Everything is on the table — we need to be open to any possibility.”
VicRoads has sent its own assessors to the site, and is carrying out soil testing to understand the extent of the building’s instability.
It is understood there are fears that a potential collapse could rip up Ryrie St’s road infrastructure.
However, the authority declined to provide a detailed response when quizzed by the Geelong Advertiser.
While question marks remain over the owners’ intentions, one former tenant said they were certain of their future.
“We are not in limbo because there is no doubt, we will not be back,” she said. “Nobody will be going back into the building.”
After being evacuated from their long-term base and closed since July 24, a business operator said they were still several weeks away from opening in their new site.
So far, there had been no financial assistance to cope with the enforced shutdown, they said.
Mr Holmes encouraged businesses to talk to individual owners and their insurance companies about the options to mitigate their losses.
“We have some funds to address some of the ongoing costs (of the building),” he said.
“But we don’t have funds set aside to compensate tenants.”
A handful of tenants have secured new sites, while others have made temporary arrangements.
T and C Nails has been doing private jobs, while The Australian Inkspot tattoo studio is now operating via appointment only in a residential home in Moolap.
Prominent cafe Cake Bar — which received a Geelong heritage award for its restoration of the corner venue in May — was for sale when the building’s woes were discovered.
They are among the businesses, including Burger Johnny, that have not reopened elsewhere.