2-4 Portarlington Rd, Newcomb.
A high profile property in Newcomb has become a potential development target after a Geelong businessman emerged as the buyer at an auction on Saturday.
Maxwell Collins, Geelong agent Eugene Carroll said the $826,000 price for 2-4 Portarlington Road would prove a very shrewd investment for the 1474sq m property.
Mr Carroll said the property, located minutes from central Geelong, had sold $36,000 above the vendor’s reserve.
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“We had three bidders and a local businessman purchased it,” he said.
“We’re not sure of his plans at this stage, but we’ve got no doubt it will be pretty good.”
Mr Carroll said bidders contested the property, making 32 bids before the property was sold.
“Long term I think it will be a very shrewd buy I think,” Mr Carroll said.
Maxwell Collins, Geelong agents Eugene Carroll, left, and Duncan Skene posed with their vendor at 2-4 Portarlington Road, Newcomb. The property sold at auction for $826,000.
“It’s so close to the city, Eastern Gardens, there’s loads of shopping centres close by.
“It seems as though Newcomb is become an affordable entry point into a very good market.”
The property included 1474sq m of land plus an additional carriageway from Boundary Road.
A developer could capitalise on the high profile corner building townhouses.
The original three-bedroom house on the property needs work.
2-4 Portarlington Rd, Newcomb, is diagonally opposite Try Boys and minutes from the city.
The auction was held in front of nine people after the state government lifted COVID-19 restrictions on public auctions last week.
He said the decision to sell in public was vindicated by the buying activity.
“There’s safety in numbers — there was three bidders and there was potentially other people there,” he said.
2-4 Portarlington Rd, Newcomb.
“For some reason they didn’t bid but certainly they did quite a bit of due diligence on the property.
“We knew that it was a good site and that’s why the decision was to auction it right from the start.
“As it turns out we did the right thing.”
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