A landmark former Geelong department store has sold for $7.52 million.
The Bright & Hitchcock building at 115-145 Moorabool St and 102 Little Malop St, Geelong, sold to a property developer according to Allard Shelton Melbourne agent Joseph Walton.
Walton says the competitive campaign attracted multiple parties who were short-listed.
“I’m happy to say it sold to a developer who really would be looking to do something with the site but honour some of the heritage aspects associated with the property,” Walton says.
He says price expectations for the landmark building were $6.5 million to $7 million.
The 1950s-era building facing Moorabool St has Activity Centre zoning, which means it could offer commercial, residential and retail uses.
“There was interest locally within a network of reasonably high-profile Geelong property owners and developers, interest from active developers in metropolitan Melbourne and a couple of interstate buyers,” he says.
“My understanding is that the buyer will seek to improve the property, whether that is a full-scale redevelopment or refurbishment of the existing building, that is yet to be seen.”
The building, that takes up nearly half a city block, has 14 shops plus 3000sq m of upper-level accommodation, a site area of 2075sq m over three titles and a building area of 5860sq m. The bandstand that rises above Little Malop St is heritage protected and must be retained.
Walton says the Melbourne syndicate selling the property saw it as a great value-add opportunity at a time when Geelong is in a time of positive change.