Car wash site hits the market at $2.5 million

A CAR wash described as a “unique proposition” for developers in Torquay has hit the market for $2.5 million, with a sale by tender process unable to lock in the right price.

Colliers is advertising the land at 48-50 Bell Street as “a rare corner allotment that is perfectly positioned for redevelopment”.

Zoned Commercial 1, the 869sqm site is presently operating as the Splish Splash Auto Spa.

Colliers listed the land for sale by tender in mid-February, but according to Colliers’ Sam Neale, “did not receive an acceptable offer” by the close of tenders on Thursday last week.

Mr Neale said the property was now for sale privately for $2.5 million (plus GST).

In their information memorandum, Colliers describes 48-50 Bell Street as “an offering like no other currently on the market”.

“Situated on one of the most prolific corners in Torquay, this high-profile site will be sought by many,” the memoranum states.

“With 60 metres frontage to both Bell Street and Geelong Road, and located on the cusp of the Great Ocean Road, 48-50 Bell Street is exposed to thousands of cars daily.

“The existing car wash and all equipment will pass with the sale of the property to the purchaser, the current income generated has the potential to pay all outgoings and holding costs and generate a positive, albeit small income going forward.

“No representations will be made in the contract of sale as to the business component but selling agents are happy to discuss the previous trading history with individual purchasers on a personal basis.”

The property at 48-50 Bell Street sits next to 2-4 Geelong Road, which was to be the site of the contentious Hotel Indigo proposal.

Developer Barnes Capital’s appeal to build the five-storey hotel on the site was dismissed by the Victorian Civil and Administrative Tribunal without a hearing in February.