Instant income with excellent development opportunity in CBD

The Colliers Geelong team has been chalking up some wins in the commercial market recently.

The team successfully sold the historic woollen mill in Newtown on behalf of Pegasus Antiques, along with some core assets for the City of Greater Geelong and several other prime commercial properties, and are now bringing to the market a leasing opportunity at Livv Development’s $150 million office tower, Yale Place.

Colliers is excited to offer another central Geelong opportunity at 178-182 Ryrie Street located on about 950sqm of land.

This is a unique opportunity in the heart of the Geelong CBD where you can receive an income while planning the future.

With the recent state government approval of the Central Geelong Framework Plan, 178-182 Ryrie Street is perfectly positioned as the next large-scale Geelong redevelopment.

Colliers senior executive of sales and leasing Ben Young said this was an exciting opportunity to purchase 950 sqm of commercial property in the heart of the Geelong CBD, surrounded by major businesses including Village Cinemas, McDonalds, Telstra and the Sporting Globe.

“Under the recently released Central Geelong Framework Plan 178-182 Ryrie Street has a new maximum height limit of 28 metres, lending itself to an eight-storey redevelopment subject to council approval,” Mr Young said.

“As the current lease returns $112,540 per annum, this is an amazing opportunity to invest while planning for the future.

“With more than $16 billion in projects and more than 120,000 new jobs in Geelong, which is growing at a rate of 1,000 per year, Geelong is no longer the sleepy town it once was.”

This property offers enormous development potential located in the heart of Geelong with dual street frontage in the Activity Centre Zone.

Geelong is the second fastest growing city with a population expected to be 510,000 by 2050 and will be a host region for the coming Victoria 2026 Commonwealth Games.

This property is to be sold via expressions of interest, closing July 7 at 2pm.

For more information, phone Colliers listing agents Ben Young on 0407 296 679 or Chris Nanni on 0438 306 361.