Deakin University has sold the landmark T&G House on the corner of Ryrie St and Moorabool St, Geelong.
A landmark Art Deco Geelong CBD building is set to continue to house students after Deakin University secured a buyer for the property.
The five-storey building, T&G House was transformed into a 33-studio student accommodation facility at the corner of Moorabool St and Ryrie St.
Deakin Residential Services operated the student accommodation facility, created after the university acquired the building for circa $3m in 2014.
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Deakin operates a Geelong CBD campus on the city’s waterfront and Deakin Medical School near University Hospital, where nursing and medicine students are on placement.
Sources say the property was traded for below $6m after an extended campaign to sell the asset was launched in 2024.
The property has 33 studio units, three ground floor retail tenancies, extensive communal space and a basement.
Deakin Residential Services has consolidated its student accommodation offering in Geelong’s CBD to the purpose-built Brougham St building, Brougham House, which can accommodate 412 students over 11 levels, with 24/7 onsite staffing support.
Deakin Residential Services converted the property after it was acquired in 2014.
T&G House has 33 student accommodation units.
Savills agent Julian Heatherich said there was significant interest in the Geelong CBD landmark, though it was a matter of finding the right buyer who wants to run a building combining student accommodation and retail.
The new owners intended to maintain the student accommodation offering at T&G House, he said.
“There’s significant interest for good quality accommodation buildings around Geelong at the moment,” Mr Heatherich said.
“There was a number of people that had expressed interest in this one.
T&G House has a rooftop terrace.
Inside the basement at T&G House.
“Deakin obviously has significant dormitory-style rooms, this is probably the best outside of that,” he said.
The new owners can increase their income from the building through leasing the unoccupied ground floor retain tenancies.
The fully restored landmark includes the Art Deco clock tower, while Deakin also invested in upgrading the building’s fire system.
But the building’s famous Farmer and Son bell no longer rings following safety and structural advice from engineers, a Deakin spokesman previously said.