$5 million expectations for historic landmark Geelong CBD site

Colliers is again bringing another classic CBD property to market, this time with the prime address of 2 Malop Street, featuring a grand banking chamber and heritage architectural detail.

This blue-chip corner was the former grand 1860-built Bank of Australasia building and offers one of the region’s most significant and character-rich commercial opportunities.

The asset spans two separate buildings totalling about 2,131sqm on a prominent 889sqm corner site, with three street frontages amounting to 84m in the heart of the Geelong CBD.

 

Steeped in gold-rush history, the primary building showcases a dramatic 10m-high banking chamber, glazed atrium ceiling, richly modelled cornices and plasterwork, carved cedar fittings, and a remarkable self-supporting spiral staircase with stained glass, a level of architectural detail seldom found in the region’s commercial market.

Colliers senior executive Ned Tansey said the asset’s scale, history and presence make it one of the most compelling opportunities presently available in regional Victoria.

“This is an exceptionally rare property, both in its physical grandeur and in its landholding,” Mr Tansey said.

“Buildings of this vintage and significance very rarely come to the market in the Geelong CBD.

 

“Its architectural detail, multiple income streams and future adaptability create a unique opportunity for owner-occupiers, investors or groups looking for a flagship regional presence.”

The adjoining building at 21a Gheringhap Street includes a vacant medical centre at ground level and office suites above, offering versatility for medical, office or boutique commercial use depending on the future purchaser’s aims.

With partial occupancy across three tenants, onsite parking for six vehicles and lift access, the asset provides immediate income opportunities as well as scope for refurbishment or repositioning (STCA).

Occupying a prominent corner in the heart of the Geelong CBD, the property enjoys outstanding connectivity to major civic, transport and lifestyle amenities, including Geelong Train Station, the Magistrates Court, Deakin University, the Geelong Library and Performing Arts Centre, Westfield News Release Geelong and the bustling Little Malop Street hospitality precinct.

Surrounded by key government and corporate occupiers such as WorkSafe, TAC, GMHBA, NDIS and the City of Greater Geelong, the location benefits from a strong weekday population and consistent demand for well-positioned commercial space.

 

Colliers senior executive Jonathon Lumsden said this pocket of the CBD is undergoing rapid growth, with strong demand from professional services, medical users and creative operators.

“The site’s activity centre zoning, combined with its heritage character and flexible internal layout, gives incoming purchasers the ability to reposition the asset to suit their needs,” Mr Lumsden said.

Colliers Ned Tansey, Jonathon Lumsden and Ben Young are managing the campaign for this landmark CBD site which is being offered for sale by expression of interest, closing March 2 at 2pm with price expectations around $5 million.