118-120 Ryrie Street, Geelong
A new commercial property record has been set in Geelong’s CBD, as the city grabs the attention of investors across Victoria and beyond.
Fitzroys’ Chris Kombi, Lewis Waddell and Ben Liu, in conjunction with Darcy Jarman’s Andrew Prowse and Tim Darcy, handled the sale of the BUPA Dental clinic building at 118-120 Ryrie Street, Geelong acting under instructions of leading Commercial Property Transaction Manager, Advise Transact.
The offering of 118-120 Ryrie Street in Geelong, a property leased to BUPA Dental generated more than 150 enquiries, with bidding from investors across Victoria, South Australia, NSW and Queensland, as well as offshore, leading to a $3.83 million under-the-hammer sale.
Competition between the bidders pushed the sale price more than $500,000 beyond the reserve. The sale price, a record paid for a commercial investment property in Geelong’s CBD, reflected a tight 4.5% yield and a high land rate nearing $15,000 per sqm.
A Melbourne-based investor was the successful purchaser after intense bidding not seen in a number of years outbid several other investors to secure the property.
“There’s a clear confidence in the market for well-located commercial real estate property,” Kombi said.
“We’ve seen that momentum growing throughout 2025. There’s been a greater depth of enquiry to our campaigns, with more bidders competing at our auctions, creating a heightened competitive tension that is leading to record sales.”
Kombi said the Geelong CBD had been witnessing a generational wave of government and privately-backed development to go with strong population growth in recent years.
“The huge interest and strong result is another demonstration of the attention the Geelong CBD is gaining from around the state and beyond,” he said.
The CBD is currently seeing Bill Votsaris’ Batman Group redeveloping the Lloyds Corner on Moorabool Street, while Hamilton Group has two projects alongside the Geelong’s mall – The Regent building on Little Malop Street, and the Bright and Hitchcock former department store building, also on Malop Street.
Recent times have seen the addition of a 14-storey major offices for Worksafe as part of $500 million of commercial projects by Quintessential Equity. Another 14-storey office tower is set to be delivered by Plenary Group and Quintessential Equity as part of the $294 million Geelong Convention and Exhibition Centre project, which will see redevelopment of a 1.6ha waterfront site and include a 1,000-seat venue, two large exhibition spaces, meeting rooms, conference facilities flexible event spaces, new retail and hospitality offerings, a large public plaza and a new 200-room Crowne Plaza hotel.
The project anchors the $500 million Geelong City Deal, a collaborative plan by the federal government, Victorian government, and the City of Greater Geelong to revitalise the city.
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