News Corp Australia is selling another Victorian property – this time in the heart of Geelong.
The site at 191 Ryrie Street was the headquarters of newspaper Geelong Advertiser for 59 years, until January.
A modern but modest three-level, 3000 square metre office occupies the 1340 sqm block, which is being touted for its potential to make way for a 11-storey structure, atop a basement car park.
The property is expected to sell for more than $4 million, according to this item, published on News Corp Australia owned website, realcommercial.com.au.
Corporate Property Advisors John Date, who is representing the media giant, said that although the site is constrained by a 32 metre maximum height restriction, the local council might be open to allowing a redevelopment of 40 metres – in line with limits in nearby Yarra Street.
Residential developers are expected to show interest in 191 Ryrie Street, as are serviced apartment providers and medical groups.
The site could make way for a mixed-use project containing lower level retail, an office component, and upper level residences, capturing north-facing views over shopping centre, Market Square, to Corio Bay.
Eight months ago, the tallest building in Geelong was opened, rising 14 storeys at 1 Malop Street, and occupied by government agency, Worksafe.
Geelong Advertiser staff relocated to 126-128 Little Malop Street, an office recently completed by Up Property.
In October, we reported that News Corp Australia sold a three-level office at 1 Chapel Street, Blackburn, for $30.2 million, to Vantage Property Investments. This building is part occupied by staff associated with the group’s Leader newspaper division.
Four years ago, it sold the site next door to 1 Chapel Street – the former Lexus of Blackburn car yard, at 160 Whitehorse Road, for $19.8 million. The purchaser at the time, Blackburn Blossom, re-sold the site last July, for $23.85 million, after obtaining a permit to replace the 8787 sqm parcel with four residential towers containing 263 flats.