Geelong funeral director Michael King has relisted the Grovedale reception centre Lyndon Grove.
GEELONG funeral director Michael King has relisted the Grovedale reception venue Lyndon Grove for sale or lease.
The long-time function centre has played host to farewells as much as weddings, birthdays and family celebrations for decades.
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The property is a substantial freehold comprising two titles totalling 7300sq m, plus more than 3100sq m of vacant land with potential for subdivision.
The two properties combined total 7300sq m of land.
The corner site also includes a four-bedroom residence with a double garage. Selling agent Andrew Hewatt, of Hewatt Commercial, said Lyndon Grove offered excellent fundamentals, including a high exposure position on Surf Coast Highway.
“The commercial property market will benefit from the impressive population and residential property boom being experienced by Greater Geelong, which will be further buoyed by the political focus on reducing congestion in Melbourne,” Mr Hewatt said.
“We will see increased interest in properties outside Melbourne from organisations, investors and high net-worth individuals seeking to improve affordability and avoid land tax increases experienced in the state’s capital over recent years — in some cases increasing five-fold.”
Lyndon Grove reception centre has existing use rights on the site.
Mr Hewatt said the flexible site lends itself to a range of uses and development.
The property is zoned residential but retains existing use rights as a function centre.
Development options included a childcare, aged-care or medical centre or a multi-unit residential site.
Mr King said the family was selling the Grovedale venue to focus on its other locations at Geelong, Newcomb and Torquay.
“We have recently refurbished our Newcomb office, chapel, reception and mortuary facilities and the sale of Lyndon Grove will enable further investment, including plans for a larger presence in Torquay,” Mr King said.
Mr Hewett wouldn’t reveal price expectations for the property and said the flexible nature of the property could result in many different pricing scenarios.
“There are two parcels of land with different attributes and uses that can be sold or leased either as a whole or separately,” he said.
An expressions of interest campaign runs to November 22.