High hopes for CBD car park sale

One of Geelong’s premium commercial real estate properties is being advertised for an auction as part of a City of Greater Geelong plan to boost the city’s bottom line.

21 Gheringhap Street, Geelong – also known as the Civic Car Park – will go under the hammer on December 21 with agents presenting the property as having “long-term development upside”.

The 4,082 sqm site at one of Geelong’s busiest activity centres near office high rises and an arts precinct is expected to command in the range of $20 million from buyers.

The 1970s building includes 503 car parks and four retail stores, and boasts an annual income of about $2 million.

The car park is one of four commercial properties the City of Greater Geelong deemed surplus to requirements earlier this year and decided to sell in a move expected to boost the city’s coffers by about $50 million, which would be used to boost infrastructure renewal programs.

The site must retain its existing car parking provision for at least 10 years as a condition of sale from the city.

Colliers is the selling agency.