The former home of Radford bicycle store in Geelong West has been given a new lease of life as hip residential or office space.
The classic brick shopfront at 32-32A Elizabeth Street is the latest commercial building along the strip to undergo a warehouse-style conversion.
Exposed red brick walls, polished concrete floors and dark stained timber ceilings lend an industrial edge to the two reconfigured one-bedroom dwellings.
Hodges, Geelong West agent Marcus Falconer said the former bike shop site, once also home to a general store, presented range of residential and commercial options for owner-occupiers and investors.
He has set a price guide of $875,000-$925,000 for the properties, which are on one title.
“It’s certainly a really cool little building that has been given a new lease of life,” Mr Falconer said.
“It has been pretty much rebuilt from the ground up.
“It’s a very versatile workspace that would suit people who want to work from here, whether they want to move in, put in a permanent rental or rent it out as an Airbnb.”
Both dwellings have an open-plan kitchen, dining and living room at the front and a bedroom with a built-in wardrobe and designer ensuite bathroom at the rear.
Alternatively, they could be used as office spaces with a prominent street frontage.
It’s estimated leasing out both as ultra-modern workspaces would generate a combined income of $40,000 per annum, or about $60,000 if offered as short-stay accommodation.
“We believe it would return 6 to 6.5 per cent,” Mr Falconer said.
A number of former commercial properties in Elizabeth Street have been converted in recent years. The most prominent is the former Pix theatre, which was turned into two high-end townhouses.
Hodges, Geelong West agent Carl Hammond sold one half of the old theatre, now a three-bedroom, two-bathroom residence at 23B Elizabeth Street, for $1.41m in May.
The industrial-style property blends historic details like brick walls and exposed timber beams with a long list of modern luxuries.
Buxton agent Tom Butters last year also sold part of a butcher shop run for decades by John Gill at 68 Elizabeth Street.
Mr Butters said the buyers had already converted it into a three-bedroom, one-bathroom residence.
He expects a similar project will transform the neighbouring shopfront at No. 66, which is on the market for $530,000-$580,000.