Otways real estate boom
IT’S not just the Geelong market that commercial investors have taken a liking to, with several properties popping up along the Otway Harvest Trail recently. LACHIE YOUNG reports the tourist dollar is contributing to the interest.
THE growing tourism trade in the Otways has translated into increased interest of commercial real estate, with three well-known businesses hitting the market in separate towns.
Recently, places such as Forrest and Birregurra have welcomed thousands of visitors to their streets to enjoy their beautiful, natural environments with promotion such as the Otway Harvest Trail.
Far from being a place to drive through on the way to places like Lorne and Apollo Bay, the transformation of these towns and oth- ers like them have seen them develop into hot spots in their own right.
Forrest has become a hub for mountain bike activity in the region, with purpose-built trails and a series of associated events hosted there throughout the year.
There is also a brewery for those less inclined for physical pursuits.
In June, Birregurra’s Brae restaurant was ranked 87th by the
World’s 50 Best Restaurants list, and plans are afoot for accommodation to be added by Christmas to allow guests to stay and explore the area.
Great Ocean Road Real Estate director Ian Stewart said the changes had seen the demand in real estate between Colac and Lorne rise quickly.
“There are always small business scattered around for sale. It does matter if it’s out in the Otways or in Lorne itself,” Mr Stewart said.
“But I think you’ll find anything in the corridor that feeds off the coast underpins the future.
“What underpins it at the moment is with interest rates at historic lows.”
There is a mix of freeholds and leaseholds available, suggesting some vendors are keen to cash in while it’s hot, with others happy to sit on their investment.
The leasehold at Deans Marsh’s legendary Martian’s Cafe, at 12 Lorne Rd, is on the market on a walk-in-walk-out basis, with potential to expand the 40-seat establishment.
There are two existing liquor licenses for the cafe and bottle shop, as well as a three-bedroom resi- dence and a tenanted commercial building that provides a further income stream on top of the restaurant.
In Birregurra, the freehold and Birregurra General Store business at 59-61 Main St are being offered to the market.
With an expansive street frontage close to 30m, rear access and a total land size of 970sq m, the site alone presents a wonderful development opportunity should buyers not want to take up the option of running the store.
Mr Stewart has the listing for the Birregurra General Store, with the business on the market for $365,000 and the freehold for $600,000, and said smart buyers would see the property for what it was worth.
“It’s an excellent little business that turns over in excess of $1 million in a small town,” he said.
Further along the Great Ocean Road at Lavers Hill, the freehold and business at the Lavers Hill Tavern at 53-81 Great Ocean Road is also on the market, offering a food business and caravan park.
I think you’ll find anything in the corridor that feeds off the coast underpins the future”
Ian Stewart, Great Ocean Road Real Estate