News Corp Australia has sold the 60-year old former headquarters of regional media group Geelong Advertiser for a speculated price of $5 million.
A Victorian student accommodation provider outbid nine other prospective buyers to acquire 191-195 Ryrie Street, Geelong, which was listed for sale seven weeks ago.
News Corp Australia’s realestate.com.au is reporting in this item that the incoming owner plans to repurpose the existing 3000 square metre building as student housing.
When the 1340 square metre site was listed, it was expected to attract interest from developers which would propose a taller building, possibly of 11-storeys.
The three-level office includes a large basement – once a printing press – which will form a car park within the redevelopment.
Corporate Property Advisers principal John Date represented News Corp Australia.
His expressions of interest campaign targeted residential, serviced apartment, student accommodation and office developers. Key property stakeholders and a large medical group were also on the agent’s radar.
The owners of Geelong’s Market Square and Centrepoint Arcade are understood to have shown an interest.
Mr Date told realestate.com.au that the eventual buyers “made a significantly higher offer [than the $4.5 million guide price] with a 30-day settlement”.
Steve Paine, News Corp Australia general manager of strategic property and related services, added “there was plenty of people, both a lot of local developers and investors…interested, and a bit of flutter from out of Melbourne as well”.
“I think that shows there’s some strength in the Geelong market,” Mr Payne said.
In January, Geelong Advertiser staff relocated from Ryrie Street to a refurbished office owned by Up Property at 126-128 Little Malop Street.
Last October, News Limited banked $30.2 million selling 1 Chapel Street, Blackburn, part-occupied by its local news arm chain, Leader, to Vantage Property Investments.
Four years earlier it sold the site next door at 160 Whitehorse Road, Blackburn, to developers for $19.8 million.