A landmark lingerie warehouse in Preston, Australia, once bustling with the business of George’s Lingerie, recently changed hands at a lively auction, fetching over $2 million. The 930sq m property, a familiar sight on Gilbert Rd for about three decades, became available after the retirement of the store’s owner, George Avtzoglou, leading to the closure of the business in 2018.
The sale of the warehouse, which attracted considerable community interest, marked the end of an era for George’s Lingerie, a popular manufacturer and wholesaler in the region. The property, previously known for its vast selection of undergarments and garments, now holds promise for a new chapter under its new owners who intend to utilize it for their own business operations.
According to Langwell Harper agent Arthur Korf, the buyers, eager owner-occupiers, emerged victorious in a competitive auction, expressing their plans to repurpose the warehouse for their specific needs. The property, situated on three titles with ample street frontage and access to surrounding laneways, offers potential for mixed-use development, including residential and commercial possibilities.
With its strategic location near Bell and High streets, just 10km from Melbourne’s CBD, the warehouse’s sale not only signifies a shift in ownership but also hints at the evolving landscape of the area. The transaction, which closed at a price in line with the vendor’s expectations, underlines the property’s value and potential for adaptive reuse in a dynamic market.
Reflecting on the sale, Mr. Korf noted the sentimental attachment many locals had to George’s Lingerie, recalling the decades during which customers frequented the establishment for their lingerie and clothing needs. The transition of ownership from a longstanding business owner to a new family poised to breathe fresh life into the premises marks a significant milestone for the property and the community.
As the warehouse’s legacy transforms, questions linger about the future direction it will take and the impact it may have on the neighborhood. The property’s historical significance, coupled with its prime location and versatile layout, sets the stage for a potential revitalization that aligns with the evolving needs and preferences of the area’s residents and businesses.
CoreLogic data reveals the warehouse’s previous sale in 1996 for a fraction of its recent price, highlighting the substantial appreciation in its value over the years. The sale not only reflects the changing real estate landscape in Preston but also underscores the enduring appeal and potential of well-positioned properties with adaptive reuse possibilities.
As Preston continues to evolve, with new businesses and residents shaping its identity, the sale of the lingerie warehouse serves as a testament to the area’s growth and transformation. The transaction not only marks the end of an era for George’s Lingerie but also signals a new chapter in the property’s storied history, promising fresh opportunities and contributions to the vibrant fabric of the community.
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