The landmark corner site at 55-67 Myers St, Geelong, is listed for sale.
A landmark Geelong CBD corner site not offered for sale this century has hit the market offering dual opportunities for potential buyers.
The 1587sq m landholding at 55-67 Myers St and 19 O’Farrell Place South, Geelong, is being offered for sale in an expressions of interest campaign, with price expectations between $7m and $7.5m.
The corner property combines four adjoining buildings plus land, which are fully tenanted and returning an annual rent of more than $358,000 a year, plus GST and outgoings.
RELATED: Demolished building owners still courting buyers
‘Three times the cash flow’: Investors huge pivot
Christian Brothers list historic $25m estate
Maxwell Collins Geelong agent Paul Whyte said the tenancies have long-term occupants and secure leases.
But the landmark location near St John of God Geelong Hospital also offered a future owner the opportunity to reposition the asset to medical-aligned tenancies.
Mr Whyte said it also represents a significant future development opportunity, providing a close to 1600sq m envelope that’s of a similar scale to the recently built 12-storey Quest Geelong Apartments complex in Gheringhap St.
The landmark corner Geelong CBD property at 55-67 Myers St is on the market.
There had already been varied interest in the properties from potential local and outside buyers, Mr Whyte said.
The secure lease and income from the long-term tenants provides some comfort to potential buyers considering the land-banking and potential development opportunities of the site, he said.
“It might just appeal to an investor who’s looking for tenanted properties, or use the flexibility of doing something down the track where you could develop.
The landmark corner Geelong CBD property at 55-67 Myers St is on the market.
“The security of tenure is appealing to a lot of buyers,” Mr Whyte said.
“You’ve got that income stream while you get your ducks in a row or work out what you’re doing,” he added.
Mr Whyte said the sloping block meant the properties were actually split level at the rear, with a rear laneway even accessing an internal car park in the Maxwell Collins building.
Real estate agent Maxwell Collins is the major tenant on the site and will continue to operate.
The flexible Activity Centre zoning allows future multi-level commercial, mixed use or residential projects.
The landmark corner Geelong CBD property at 55-67 Myers St is on the market.
A landmark Geelong CBD corner site is being offered for sale recurring income is an ideal target for buyers seeking a tenanted investment, Mr Whyte said.
The sites were acquired circa 2000, when Maxwell Collins founders Peter Maxwell and David Collins developed the agency’s head office.
The property offers 1862sq m in floorspace, with 85m of street frontage.
Maxwell Collins agent Paul Whyte and director Nick Lord are handling the expressions of interest campaign, which closes on December 3.