Newsagency move opens the door to rare retail auction on Pakington St, Geelong West
GEELONG West’s Murphy’s Newsagency is on the move, creating a multi-million dollar opportunity in one of the best retail positions on Pakington St.
The newsagent is preparing to relocate in Pakington St later this year, precipitating the most highly-anticipating commercial auctions in Geelong West in some time when 196-198 Pakington St is offered on August 23.
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Price expectations could be above $2.5 million for the 385sq m commercial property, which has been held by the newsagent’s owners since 1979.
The most recent comparative sale on the block between Weller and Hope streets occurred in 2011, when a larger property that’s home to Geelong Fresh Foods sold for $3.2 million, CoreLogic records show, though it’s not clear whether it traded on the open market.
Darcy Jarman selling agent Tim Darcy said the location was the pivotal focal point of Pakington St.
“As much as Pako is fairly broad in its spread, between Weller and Hope is the pivotal focal point, stretching perhaps to Albert St and maybe the NAB as the post office sits there, but it’s right in the main thrust,” Mr Darcy said.
Surrounding businesses include ANZ Bank, Baker’s Delight, Geelong Fresh Foods, Dan Murphy’s and Gazman, while the Geelong West library is also nearby.
“We haven’t seen a property between Hope and Weller St become available since Brown’s Drapery, which has become Gazman, which was probably 20 years ago,” he said.
“It’s just so tightly held. With the pedestrian crossing it’s as good a location as you’re going to find.”
The property will be auctioned with vacant possession, giving the owner occupiers or investors a 385sq m site with dual street access.
Two titles provide flexibility in using the existing building or redeveloping, subject to council approval, Mr Darcy said.
He said the projected annual rental for the property as-is would be up to $150,000.
“It’s as strong as you’ll get in any strip location we have within Geelong by virtue of where it is and what it is,” Mr Darcy said.
It will be auctioned on August 23 at noon.