IP Generation buys back into Geelong
Chris Lock’s IP Generation has quietly picked up the rundown ex-Ray’s Outdoors outlet in North Geelong with plans to repurpose it as a large format retail investment.
The 5564 square metre holding, 340-344 Melbourne Road, at the north west corner of Collopy Street, is costing $8.5 million ex-GST.
The vendor outlaid $6.38m including GST in April, 2023.
With 4750 sqm of improvements – 1000 sqm of offices and showroom space, the balance, warehousing, the property was last occupied over a decade ago, by Super Retail Group.
In recent years it has created headline for being neglected and vandalised.
Colliers’ Chris Nanni brokered brokered the off-market sale.
The same agency is managing the leasing campaign for the repurposed product.
The deal comes three weeks since we reported Mr Lock was selling Corio Village to Charter Hall for $146m – a significant rise after holding six years.
In late 2022 meanwhile IP Generation turned a major profit offloading the ex-Boardriders headquarters at Torquay after a refurbish and re-letting campaign.
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