Real Estate

Buyers’ plan for new digs at old Geelong Advertiser building

Buyers’ plan for new digs at old Geelong Advertiser building
Written by The ReReport
As seen in the Source link, written by on 2019-05-16 17:00:00

The Geelong Advertiser office at 191 Ryrie St, Geelong, has sold to buyers who plan to convert the existing building for student accommodation.

THE home of the Geelong Advertiser for more than 60 years is set to become new digs for the city’s university students.

The Addy’s former Ryrie St headquarters has sold to Victorian buyers who plan to convert the existing building for student accommodation, using the rear street level basement for car parking.

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geelong advertiser building

The three storey building was largely used as office space.

News Corp Australia put the 3000sq m building at 191-195 Ryrie St on the market after the Advertiser relocated to new premises at 126 Lt Malop St earlier this year.

Corporate Property Advisors principal John Date listed the 1340sq m property with price hopes around $4.5 million, but several offers were higher than that figure.

The buyers made a significantly higher offer with a 30-day settlement, however the company would not disclose the price.

geelong advertiser building

The three-storey building housed Victoria’s oldest morning newspaper since 1960.

News Corp Australia general manager of strategic property and related services Steve Paine said the property attracted formal offers from 10 different prospective buyers.

“There was plenty of people, both a lot of local developers and investors were interested and a bit of a flutter from out of Melbourne as well,” Mr Paine said.

“I think that shows there’s some strength in the Geelong market. It’s really good news that he market seems to be pretty solid.

geelong advertiser building

The basement, which is at street level at the rear of the property, is expected to be used for car parking.

“It was a good solid building as much as anything,” he said.

Mr Paine said the buyers were forthright to deal with and knocked quite a few other people out of the bidding.

“We wish them well,” he said.

Early in the campaign Mr Date said potential suiters included developers, key city property stakeholders and a large medical group.

geelong advertiser building

The property is in central Geelong, close to the hospital, bus terminal and Deakin University campus.

The Advertiser understands the owners of Market Square and Centrepoint Arcade were among the potential buyers.

Serviced apartments, student accommodation and offices were some of the proposals from potential buyers for the Ryrie St building, which first opened in 1960.

The building originally contained the printing press but was later converted entirely to office space.