Vacant CBD store sells for $600,000

ANOTHER vacant central Liebig Street shop has been snapped up for $600,000 by an investor confident of an upswing in Warrnambool business confidence.

Meanwhile, a foreshore penthouse with a distinctive red cone has sold for $699,000 to a new resident to the city wanting to settle down in an upmarket home.

The CBD retail premises previously occupied by Micheli Jewellers was bought by a Melbourne-based investor who has other business properties in Warrnambool, said Wilson Real Estate partner Danny Harris.

“This investor is very confident in Warrnambool’s CBD future,” he said.

“He’s  aiming to secure a tenant as soon as possible.

“It’s continued evidence of a price correction in rents and sales in central Warrnambool.

“Tenants are wanting to move in, but have not been willing to pay the premium rent that had been asked for in Liebig Street.

 “At peak times rent in Liebig Street had been twice as expensive as some other CBD  streets.”

Mr Harris said inquiries were continuing into the former Warehouse Sales electrical appliances premises a few doors north of  the former jeweller’s shop. It is listed for sale at $795,000.

The three-level penthouse above the Deep Blue resort complex  features three bedrooms with en suites, a library, lounge and observatory over Lady Bay and the Merri River.

“It was bought by a person who has just moved to Warrnambool and wanted it as a home,” Mr Harris said.

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