Buyers bet on a privileged position at Highton

Local estate agents could be among the biggest contenders as the Commonwealth Bank sells its old Highton branch.

Local estate agents could be among the biggest contenders as the Commonwealth Bank sells its old Highton branch.

It’s not a large commercial property per se, but with 37 meters of street frontage at the busy Highton Village mall, potential buyers clearly see it as prime real estate.

Colliers Geelong agent Andrew Lewis said he had already hijacked several offers at the start of the campaign, which is being jointly managed with Fitzroys.

Mr Lewis stated that the property at 73 Barrabool Road will be auctioned on October 27.

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But with keen interest so early in the campaign, he’s convinced the over $ 1.5 million price guide will be eclipsed on auction day.

Commercial properties becoming publicly available for sale are a rarity for the Highton Village Mall.

“It’s been in the market for less than a week and we’ve had over 20 inquiries on it and we’ve had some very strong offers,” Lewis said.

“However, it needs to be auctioned off, just for the good procedure of the bank so that all of its customers, all of its shareholders have the opportunity to buy it at auction.

“We had a quote range of over $ 1.5 million, but we’re very confident it’s going to exceed that just by the amount of interest we’ve had.

“There’s very little investment grade stock out there (at Highton) and it’s on a huge 30m frontage in this very popular strip.”

Mr Lewis said officers had not been able to identify another sale in the gang in the past five years.

The last property to sell publicly was the freehold ownership of Woolworths Anchor Supermarket in 2017.

“If you compare to this Pakington Street, you can buy something in Pakington St most of the time for a week,” he said.

“If you look at the number of realtors who are out there, and a lot of them are in rented space, the local agents have expressed a keen interest in buying it for their own offices. Large facades suit them too.
But he said investors could also grab the 206m² solid brick multi-level commercial building on 211m² of land zoned Commercial 1.

Neighbors of the thriving local mall include large retailers such as Woolworths, Bakers Delight, Amcal, Bendigo Bank, and Cellarbrations.

The Commonwealth Bank closed its branch during the first pandemic lockdown in 2020, locking its departure from Barrabool Rd in July when it officially closed permanently, citing a decline in over-the-counter transactions over the past five years.

CommBank’s departure leaves Bendigo as the only bank to maintain a presence in Highton Village, while the center’s licensed post office can handle withdrawals, deposits and bill payments through Bank @ Post.

Originally published as Buyers bet on a privileged position at Highton

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